>> Given that, do you consider it dishonorable for me to have taken out a >> mortgage?
>Of course not. But I would expect an honorable person, if they were >not foreclosed upon, and if they recovered from the illness and had a >new income, to attempt to pay back the money. Given the fact that a portion of the interest I paid the bank was a premium to cover the banks loss in case of such a default; why is it dishonorable to consider that an insurance payment? As Brad pointed out, mortgages interest rates are calculated to include the probability of default. I see your idealism, but that's not how the market works. Defaulting on a loan has a penalty associated with it; it will be hard to get another loan in the future, and if one does, it will be at a higher rate. 25 years ago, that wasn't true, and people did dishonorable things in foreclosures. But, I think losing one's job and house and having a default on one's record is enough of a penalty. >Are you saying that Nick has an extreme hardship that is keeping him >from paying his mortgage? No, I'm saying that, if you read what Nick wrote, that he had a deal with the bank, and that they tried to back out of it on a technicality. If it required a payment of about $2000 and he read it as $2023 and it was really $2063, the reasonable action was to ask for the $40 within a reasonable time frame. If all he wants is that deal to go through, that's very reasonable....especially if the bank made bigger mistakes and are breaking the law in trying to enforce the mortgage. Plus, it is stupid for the bank. He's willing to pay on a mortgage bigger which exceeds what the bank can get for the house. Given the overpriced nature of housing in California, even a small reversal now can make a mortgage payment overwhelming. Given that, asking them to honor an agreement they made is not dishonorable. One problem with dealing with big institutions is it's not who is legally in the right that matters, but who has the best lawyers. I know about that from dealing with IP. No solo inventor dares sue a multinational for infringement of a patent....the multinational can make them go bankrupt.....unless they have a spare million to defend spurious lawsuits. So, given that, I see nothing dishonorable in Nick playing hardball to get the bank to honor their agreement, instead of weaseling out on a dubious technicality. Dan M. _______________________________________________ http://box535.bluehost.com/mailman/listinfo/brin-l_mccmedia.com
