has anyone mentioned (i didn’t see it) if this is a non-recourse loan or not?
if it’s non-recourse, which lots of exotic financing is these days, it’s got harsh language and talks about going after $$ – but it’s actually non-recourse.
it’s worth (if you have a friend that’s a lawyer, that will do a favor) having them look it over to see if it’s non-recourse.
if that’s the case then you can hand it back and walk. that’s it. as far as the moral implications – sellers were just as implicit in these situations as buyers. Further, the “loans” that were given and written are just as morally flawed with balloon payments, and various other twists and turns. what goes around comes around – who knows the conditions and understanding under which she entered contract.
