Famed Columnist gives rotten mortgage advice

[kicksavedave]

[quote=Eugene]Ethics, honor, promise … being a man of your word … all that applies only to non-collateralized, verbal interactions between human beings.

There’s no ethics and there’s no honor in legal contracts. It’s all based on cold logic. Especially true when the other party is not a human being but a soulless machine. The contract states that the bank will do A, and you will do B monthly for thirty years, and, should you fail to do so at some point before those thirty years are over, the bank is permitted to do C. In the event of a mutual agreement, both parties may discard the contract and sign a new one under different terms. Ethics does not enter.[/quote]

I’m not sure I agree here. The contract states what the banks recourse is if you fail to honor your promise. But when you enter into the contract you are promising to pay. The bank is making its financial decisions based your ability to pay. Not paying because you no longer have the ability is one thing… stuff happens. Not paying even though you still have the ability, because you no longer feel good about the investment, or because paying is no longer convenient, is BS. A paper contract does NOT remove ethics from the equation. You sign your name, you give your word. Your word is your bond, so some people claim. Not to mention, as someone mentioned above by JL, the fact that you are now sticking innocent 3rd parties (tax payers) with the bill. Its much easier to dismiss ethics, than to apply them even when its inconvenient.

[briansd1]

[quote=kicksavedave] Not paying because you no longer have the ability is one thing… stuff happens. Not paying even though you still have the ability, because you no longer feel good about the investment, or because paying is no longer convenient, is BS.
[/quote]

Read the mortgage note again. There are no special provisions for job losses, medical expense and other “stuff” that happen.

What if I would rather spend my money on a vacation to Tahiti rather than paying the mortgage? Does that apply?

Should you pay your doctor and hospital before your pay your mortgage? Or vice versa? What about your alimony or child support?

[briansd1]

[quote=kicksavedave] Not paying because you no longer have the ability is one thing… stuff happens. Not paying even though you still have the ability, because you no longer feel good about the investment, or because paying is no longer convenient, is BS.
[/quote]

Read the mortgage note again. There are no special provisions for job losses, medical expense and other “stuff” that happen.

What if I would rather spend my money on a vacation to Tahiti rather than paying the mortgage? Does that apply?

Should you pay your doctor and hospital before your pay your mortgage? Or vice versa? What about your alimony or child support?

[briansd1]

[quote=kicksavedave] Not paying because you no longer have the ability is one thing… stuff happens. Not paying even though you still have the ability, because you no longer feel good about the investment, or because paying is no longer convenient, is BS.
[/quote]

Read the mortgage note again. There are no special provisions for job losses, medical expense and other “stuff” that happen.

What if I would rather spend my money on a vacation to Tahiti rather than paying the mortgage? Does that apply?

Should you pay your doctor and hospital before your pay your mortgage? Or vice versa? What about your alimony or child support?

[briansd1]

[quote=kicksavedave] Not paying because you no longer have the ability is one thing… stuff happens. Not paying even though you still have the ability, because you no longer feel good about the investment, or because paying is no longer convenient, is BS.
[/quote]

Read the mortgage note again. There are no special provisions for job losses, medical expense and other “stuff” that happen.

What if I would rather spend my money on a vacation to Tahiti rather than paying the mortgage? Does that apply?

Should you pay your doctor and hospital before your pay your mortgage? Or vice versa? What about your alimony or child support?

[briansd1]

[quote=kicksavedave] Not paying because you no longer have the ability is one thing… stuff happens. Not paying even though you still have the ability, because you no longer feel good about the investment, or because paying is no longer convenient, is BS.
[/quote]

Read the mortgage note again. There are no special provisions for job losses, medical expense and other “stuff” that happen.

What if I would rather spend my money on a vacation to Tahiti rather than paying the mortgage? Does that apply?

Should you pay your doctor and hospital before your pay your mortgage? Or vice versa? What about your alimony or child support?

[briansd1]

[quote=JustLurking] my rights (to not have to pay for your mistakes through my higher taxes).[/quote]

We have no such right. Our elected (and unelected) leaders decided for us already.

Do we have the right not to pay for the SD employee pensions, even though the pension benefits were given out without the funding to back it up? No.

All we can do is get rid of the leaders. If we feel strongly enough, then we have to work to make it happen.

[briansd1]

[quote=JustLurking] my rights (to not have to pay for your mistakes through my higher taxes).[/quote]

We have no such right. Our elected (and unelected) leaders decided for us already.

Do we have the right not to pay for the SD employee pensions, even though the pension benefits were given out without the funding to back it up? No.

All we can do is get rid of the leaders. If we feel strongly enough, then we have to work to make it happen.

[briansd1]

[quote=JustLurking] my rights (to not have to pay for your mistakes through my higher taxes).[/quote]

We have no such right. Our elected (and unelected) leaders decided for us already.

Do we have the right not to pay for the SD employee pensions, even though the pension benefits were given out without the funding to back it up? No.

All we can do is get rid of the leaders. If we feel strongly enough, then we have to work to make it happen.

[briansd1]

[quote=JustLurking] my rights (to not have to pay for your mistakes through my higher taxes).[/quote]

We have no such right. Our elected (and unelected) leaders decided for us already.

Do we have the right not to pay for the SD employee pensions, even though the pension benefits were given out without the funding to back it up? No.

All we can do is get rid of the leaders. If we feel strongly enough, then we have to work to make it happen.

[briansd1]

[quote=JustLurking] my rights (to not have to pay for your mistakes through my higher taxes).[/quote]

We have no such right. Our elected (and unelected) leaders decided for us already.

Do we have the right not to pay for the SD employee pensions, even though the pension benefits were given out without the funding to back it up? No.

All we can do is get rid of the leaders. If we feel strongly enough, then we have to work to make it happen.

[peterb]

This is the problem with being upside down on a an expensive and highly leveraged asset that is continuing to reduce in value….it will challenge the average persons thought process about what’s “right” and “wrong”. Money seems to have a way of bringing out the cold logic in most people.

[peterb]

This is the problem with being upside down on a an expensive and highly leveraged asset that is continuing to reduce in value….it will challenge the average persons thought process about what’s “right” and “wrong”. Money seems to have a way of bringing out the cold logic in most people.

[peterb]

This is the problem with being upside down on a an expensive and highly leveraged asset that is continuing to reduce in value….it will challenge the average persons thought process about what’s “right” and “wrong”. Money seems to have a way of bringing out the cold logic in most people.

[peterb]

This is the problem with being upside down on a an expensive and highly leveraged asset that is continuing to reduce in value….it will challenge the average persons thought process about what’s “right” and “wrong”. Money seems to have a way of bringing out the cold logic in most people.

[Author]

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