My aunt walks away

[biliruben]

It's murky for a number of reasons. I agree that if you are in a strictly non-recourse state (some are hybrids) and have a purchase loan that you told the truth on, then you can probably walk away without too much concern for anything but a trashed credit rating.

But if you lied on your loan, even in a minor way, then they can wipe you out with a good lawyer.

If you refinanced, often those contracts give them recourse to pursue your other assets.

Same with a HELOC or 2nd.

Again, I'm not an expert on this, and I could be wrong on the details, but I just wanted to get it out there that you might be well served to visit a good RE lawyer before mailing in your keys, particularly if you have significant assets which might make it worth it to the lenders to nail you to wall upside-down and shake your pockets.

[Robroy]

[Robroy]

[biliruben]

If I had to state an opinion on the ethics of it, I would probably lean toward thinking if I borrowed money, It would be unethical to not make some attempt to pay it back.

I know they are big companies, and big companies do many many unethical things in their daily search for profit, but I have a conscience and like to think I pay my debts.

[Niuska]

[jon]

[Robroy]

[hesotriflin]

[Robroy]

[biliruben]

Yeah - it's amazing the detail they sometimes get into, regarding these deals.

I'm afraid to click the link, because last time I visited a few months ago I lost an entire day!

I wish we had a team that did this here. I figure you must need someone with access to the mls teaming up with someone at an escrow company with access to Deeds of Trust to get the level of detail needed.

It would be great to get some great examples to counter the Malarkey spewed around here, when it's just that the tide hasn't receded enough to see the amount of fraud all around us.

[rose-colored-coolaid]

[Civil Servant]

That "culture of honesty" claptrap (linked above) was hilarious, but I think I need a shower now. I was reminded of a guy I used to date who called himself, unironically, "a natural athlete." There are just some self-descriptive claims that both are gross on their face and should instantly raise suspicion on the part of the described-to. I have so much respect for those in RE, like Jillayne in this instance, who keep on sticking to their guns and refuse to participate in the pep rally.

[jon]

[rose-colored-coolaid]

[jon]