Will walking away turn into an epidemic?

Can the credit based system in the US be broken by consumers who don't pay up?

  • Yes absolutely

    Votes: 56 57.1%

  • No that is crazy talk

    Votes: 14 14.3%

  • Yes and I'll be helping

    Votes: 11 11.2%

  • Not very likely

    Votes: 17 17.3%
  • Total voters
    98
and some dumb-F**ks...should walk away, considering in some instances fraud was involved...if you are a stockbroker and put all of grandma jones money in a specualtive situation you best believe you and the firm will be taken to the mat in arbitration...hence the reason mortgage borkers will need to be liscened going forward...yes I understand buyer beware; but i also know how to pressure someone into buying something they absolutely dont need...I worked for biltmore securities for 3-4 years :D
 
Quote from ElCubano:[/i]

not if it is a mass exodus......

That is really funny. The bank has endless access to lawyers and courts to pursue every one of the "mass exodus." It is worth their while, since the fees and lawyer fees are owed by those who tried to walk.

...and when you are paying a 300k mortgage on a house that is now worth 150K ..you better believe people will be walking

And then everything these "walkers" own will be attached for years to come, including FUTURE EARNINGS.

Thinking that people can just walk away is plain naive.
 
Quote from JB3:

People who walk away usually have no assets.
More...

Anyone who earns an income will learn what "garnishing their salary means." Creditors rarely have mercy, and they have endless resources at their disposal.

And the new bankruptcy laws made it much harder to get out of past debts.
 
people are doing exactly that...walking away ...and if 1000's upon 1000's keep doing it...I find it hard to believe that banks will have endless resources to do anything...considering they are trying to stay afloat themselves....
 
I've never personally known, or even heard of, anyone having a state district court garnish their wages.
I've never personally known, or even heard of, a person having a state district court judgement against them in a civil suit resulting from defaulting on a mortgage.

Anyone here have personal knowledge of this?

(I was gonna be a smartass and say "Oh hell yea, I read about these Mtg. default judgements every day in my local paper!")
 
I agree the big boys got a lot of these guys by the balls when they changed the bankruptcy laws a few years back. It's much harder to just walk away nowadays. But that doesn't seem to deter people from trying. :eek:
 
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