Viral Nature of Walking Away

[davelj]

[quote=Arraya]btw – I don’t believe it says anywhere in a mortgage contract that you break your “word” if you decide to not pay. It says you give the property back. So I see no reason why defaulting would be word breaking. I believe that is what White refers to in his paper as “social control agents” manipulating emotions. It’s not an agreement with our uncle Goober to make payments on his tractor and you skip town.[/quote]

The words “I, [Name], hereby promises to pay” are on every mortgage contract (I just checked mine to be sure – yup, it’s there). (A mortgage, after all is nothing more than a Promissory Note – that’s derived from “promise” – collateralized by a property. Look up “mortgage” on wikipedia.) If you believe that breaking a “promise” is breaking your “word” (as I do), then in fact you do break your word when you choose to give the property back. The difference between a “promise” and your “word” is a distinction without a difference. So, I see defaulting as “word breaking.” And for the bazillionth time, just to be clear, if you’re tapped out and you have to break your word, then so be it. This I can understand. But if you’re breaking your word merely because keeping it is inconvenient, that I cannot condone. Again, we can agree to disagree on this.

[sdrealtor]

Arraya and Dave
Why dont you two show up for next meet up. Arraya you can buy the first round. Dave and I promise to buy the next two rounds. Let’s see how that works out for you:)

[sdrealtor]

Arraya and Dave
Why dont you two show up for next meet up. Arraya you can buy the first round. Dave and I promise to buy the next two rounds. Let’s see how that works out for you:)

[sdrealtor]

Arraya and Dave
Why dont you two show up for next meet up. Arraya you can buy the first round. Dave and I promise to buy the next two rounds. Let’s see how that works out for you:)

[sdrealtor]

Arraya and Dave
Why dont you two show up for next meet up. Arraya you can buy the first round. Dave and I promise to buy the next two rounds. Let’s see how that works out for you:)

[sdrealtor]

Arraya and Dave
Why dont you two show up for next meet up. Arraya you can buy the first round. Dave and I promise to buy the next two rounds. Let’s see how that works out for you:)

[briansd1]

Let’s look at the business decision aspect of walking away.

Yes, businesses go bankrupt all the time. But the shareholders, partners or executives don’t. In fact the execs continue to pay themselves the same salaries.

Business owners are able set up limited liability organizations. If the business they create fails, then they walk away.

Limited liability entities allow business owners to compartmentalize their risks and put certain personal assets in a lock-box, beyond the reach of creditors.

Individuals should likewise assess their own risk tolerance and decide that certain assets are beyond the reach and will not be used to pay creditors.

Would you break your 401k to pay the bank?
Would you raid your kids’ college funds?
Would you sell you wife’s diamonds?
Would you deprive yourself of a vacation?
Would you drive an old car for the next 20 years?

There comes a time when a homeowner decides that enough is enough.

[briansd1]

Let’s look at the business decision aspect of walking away.

Yes, businesses go bankrupt all the time. But the shareholders, partners or executives don’t. In fact the execs continue to pay themselves the same salaries.

Business owners are able set up limited liability organizations. If the business they create fails, then they walk away.

Limited liability entities allow business owners to compartmentalize their risks and put certain personal assets in a lock-box, beyond the reach of creditors.

Individuals should likewise assess their own risk tolerance and decide that certain assets are beyond the reach and will not be used to pay creditors.

Would you break your 401k to pay the bank?
Would you raid your kids’ college funds?
Would you sell you wife’s diamonds?
Would you deprive yourself of a vacation?
Would you drive an old car for the next 20 years?

There comes a time when a homeowner decides that enough is enough.

[briansd1]

Let’s look at the business decision aspect of walking away.

Yes, businesses go bankrupt all the time. But the shareholders, partners or executives don’t. In fact the execs continue to pay themselves the same salaries.

Business owners are able set up limited liability organizations. If the business they create fails, then they walk away.

Limited liability entities allow business owners to compartmentalize their risks and put certain personal assets in a lock-box, beyond the reach of creditors.

Individuals should likewise assess their own risk tolerance and decide that certain assets are beyond the reach and will not be used to pay creditors.

Would you break your 401k to pay the bank?
Would you raid your kids’ college funds?
Would you sell you wife’s diamonds?
Would you deprive yourself of a vacation?
Would you drive an old car for the next 20 years?

There comes a time when a homeowner decides that enough is enough.

[briansd1]

Let’s look at the business decision aspect of walking away.

Yes, businesses go bankrupt all the time. But the shareholders, partners or executives don’t. In fact the execs continue to pay themselves the same salaries.

Business owners are able set up limited liability organizations. If the business they create fails, then they walk away.

Limited liability entities allow business owners to compartmentalize their risks and put certain personal assets in a lock-box, beyond the reach of creditors.

Individuals should likewise assess their own risk tolerance and decide that certain assets are beyond the reach and will not be used to pay creditors.

Would you break your 401k to pay the bank?
Would you raid your kids’ college funds?
Would you sell you wife’s diamonds?
Would you deprive yourself of a vacation?
Would you drive an old car for the next 20 years?

There comes a time when a homeowner decides that enough is enough.

[briansd1]

Let’s look at the business decision aspect of walking away.

Yes, businesses go bankrupt all the time. But the shareholders, partners or executives don’t. In fact the execs continue to pay themselves the same salaries.

Business owners are able set up limited liability organizations. If the business they create fails, then they walk away.

Limited liability entities allow business owners to compartmentalize their risks and put certain personal assets in a lock-box, beyond the reach of creditors.

Individuals should likewise assess their own risk tolerance and decide that certain assets are beyond the reach and will not be used to pay creditors.

Would you break your 401k to pay the bank?
Would you raid your kids’ college funds?
Would you sell you wife’s diamonds?
Would you deprive yourself of a vacation?
Would you drive an old car for the next 20 years?

There comes a time when a homeowner decides that enough is enough.

[scaredyclassic]

What if you had just bought a timeshare with a 3 day cancellation period. Would it be immoral to cancel after you promised to pay in the contract. What if you’d been plied with alcohol. Why is a timeshare different? You’d just be exercising yr legal option to cancel

[scaredyclassic]

What if you had just bought a timeshare with a 3 day cancellation period. Would it be immoral to cancel after you promised to pay in the contract. What if you’d been plied with alcohol. Why is a timeshare different? You’d just be exercising yr legal option to cancel

[scaredyclassic]

What if you had just bought a timeshare with a 3 day cancellation period. Would it be immoral to cancel after you promised to pay in the contract. What if you’d been plied with alcohol. Why is a timeshare different? You’d just be exercising yr legal option to cancel

[scaredyclassic]

What if you had just bought a timeshare with a 3 day cancellation period. Would it be immoral to cancel after you promised to pay in the contract. What if you’d been plied with alcohol. Why is a timeshare different? You’d just be exercising yr legal option to cancel

[Author]

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