On Thu, Oct 21, 2010 at 1:00 PM, Chris Frandsen <lear...@mac.com> wrote: > > On Oct 21, 2010, at 2:02 PM, John Williams wrote: > >> But since you want to modify an agreement in your favor, you more or >> less need to jump through their hoops, even if they are ridiculous. > > John, do you believe in negotiation/ old fashion bargaining?
Yes. I wrote "if you want to modfiy the agreement". I do not consider stopping payments and leaving the house as modifying the agreement. > Part of the initial contract, I am sure, was a very clear discussion > of the grounds for foreclosure which go into effect when you decide > not "to jump through their hoops". As it is part of the contract, I do > not think it is dishonorable for one party or the other to cause the > clause to be implemented. Note that in many states, it is the law that mortgages are nonrecourse, meaning that the lender cannot pursue the borrow to recover the debt. If I understand you, then you are saying that since the mortgage specified what happens when the borrower defaults on repayment (foreclosure), and since it is a nonrecourse loan, then it is okay for the borrower to make a strategic default. Legally, of course, that is true. But morally, choosing to not repay the money is not okay. If I borrow money, then I am giving my word that I will do everything within my power to pay it back. It is that simple. It makes no difference whether the agreement specifies what happens if I fail to keep my word, I am still honor bound to try to keep my word. I may know that the penalty for stealing a car is X years in jail, then if I steal a car and serve my time, I have still done something dishonorable. _______________________________________________ http://box535.bluehost.com/mailman/listinfo/brin-l_mccmedia.com