Re: Can't pay? Just walk away.

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Article #85

#85

From: PaPaPeng
Date: Thu, 07 Feb 2008 18:22

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On Wed, 06 Feb 2008 19:29:18 -0600, Snowbound
<loosebowels@ixnay.invalid> wrote:

>Just don't declare bankruptcy, like someone in real financial trouble 
>might consider. If you declare bankruptcy, like some joker who lost 
>everything to unforseen disaster or illness, you are putting yourself at 
>the mercy of courts and banks (who make today's bankruptcy laws). If you 
>just walk away from a massive mortgage YOU freely chose, you get off 
>scott free, without any substantial penalty! After all, what 
>asset-draining cancer or chronic workplace injury could POSSIBLY be 
>worse than losing a home you couldn't afford in the first place?  

This sounds good.  The most logical part is the lender who made that
unjustifiably risky loan to Mr. J Doe will lilkely disappear as a
corporate entity before they catch up with Mr. Doe who walked away
from his foreclosed house.  Whichever new company that takes over the
property will likely find it impossible or just too costly to clear
the paperwork necessary to track down John Doe the walker and make him
pay.  There will be a few millions of such foreclosures that will
trash any industrywide attempt to clean them up.

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From: PaPaPeng <PaPaPeng@yahoo.com>
Newsgroups: alt.consumers,ba.consumers,misc.consumers,misc.consumers.frugal-living
Subject: Re: Can't pay? Just walk away.
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