Quote:
Originally Posted by Dottore
I agree with this to a point, and certainly respect your views on this board. You strike me as someone with a pretty clear moral compass.
But each person is different—as are the circumstances of each contract and the manner in which that contract was negotiated and agreed. A lifetime in the law has taught me that law and justice are two different things and that the law is frequently an ass. I can certainly visualize scenarios where walking away from some serious negative equity is a choice I would make. I certainly wouldn't do that lightly—but I can imagine such a scenario nevertheless.
My field was corporate finance and I spent many years working with banks all over the world. Strangely (or perhaps not) I have very little respect or sympathy for the banking profession today. When it came down to the short strokes I have never, ever seen a bank make a decision by reference to moral principles. Never.
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Your views are always welcome and respected as well. You are an interesting man, in the best sense.
I share all of your life lessons and
some lack of respect for the banking profession today. And the law is indeed frequently an ass. My sister is a DA and I'll pass along our respects
All that said, the nuance of contracts law and the simple terms of a mortgage are completely different animals. Beyond the diligence necessary to make sure the house you are buying is as advertised and meets code, there is little to a mortgage contract terms that requires more than rudimentary math.
My favorite professor at Cal had a term, "ditch digging": Read the terms, do the math, dig the ditch. His point was that most transactions, most contracts always start with a estimate on how much the ditch was going to cost and then they work from there. Focus on the ditch first, the basics.
Here is the rub I have with the OP: he, like many others, were gambling, were willing participants in financial schemes they hoped was mortgage upsidasium...and they thought that they would win.
I simply cannot, if he can afford to stay and live where he is, brook any bravo sierra from him, anymore than a Casino in Vegas would if he had lost at cards. Bankruptcy laws never intended to put a safety net under his sorry ass.
I have owned a number of businesses and have engaged in a lot of contracts: The only time I walk is to chase and punish the SOBs after they didn't own up to their part of the bargain, didn't dig the ditch. I have only lost once. My fault.
Sorry for the ramble.