If I buy a house, and I use mostly someone else’s money to do it, and I have a contract that says I get to keep almost all the gains if prices rise, I can just “walk” if they fall?
Does this guy have a car? A house of his own? Furniture? A business? Surely he has assets that he can use to pay off the money he has borrowed?
I realize, FormerOwner, that this was not your question. And I suppose I was dimly aware that most home loans in the US are non-recourse and everyone just works (wink) with it.
Based on his getting a free ride from the lender based on nothing more than the legal hurdles the lender faces to get their money back, I’d say you should abuse the system as much as possible also, and smile to him about it just as much as he is smiling to the lender. The worst that happens is that he says he’s offended, and you say you’re sorry you brought it up if you’re desperate for that reference.
