Morality has nothing to do with it.
Emotion should have nothing to do with it.
A contract is a contract.
The lender’s lawyers writes the contracts. The buyer must sign the lender’s contract or walk away from the deal. If the lender is in total control of the language in the contract and the buyer quits paying, the bank gets the property back which is exactly what their lawyer’s wrote in the contract.
Where’s the rub?
I’ve never been late on any bill in my 59 years. For the last 20 years, I have owned (free & clear) the homes that I have lived in so I am not exactly what you would call an advocate for deadbeats……………but, this is a pure & simple business deal and it’s incumbent on the bank to know the value and risks associated with properties where they are the mortgage holder.
