On Wed, Oct 20, 2010 at 11:01 AM, John Williams <jwilliams4...@gmail.com> wrote: > > On Wed, Oct 20, 2010 at 10:00 AM, Nick Arnett <nick.arn...@gmail.com> wrote: >> It was not an easy decision to seek a loan modification. But the >> ethics of it are not as black-and-white as you say. > > It absolutely is that simple. A honest, responsible person does not make > an agreement and then refuse to honor it. An honest person admits that > they made the agreement of their own free will, a responsible person > accepts the consequences of their actions, and an honorable person does > everything in their power to keep their word.
Wait a minute. Everyone who loans money knows they might not get it back. The reason home loans were relatively less than most other loans was because the property was collateral, limiting the loss. If a person failed to pay for such reasons as dying, becoming ill, or out of work, the lender could foreclose and get at least some of the money back. Now consider a friend of mine. She has a loan of $155k on a place *now* worth $45k on the market. If she walks away, or whatever, the lender will have serious expenses on top of a huge loss. From a practical matter, it might make sense for the lender to try to work with her. Contracts can always be renegotiated by mutual consent. Keith (who has no dog in this fight, having lost his home years ago to a certain vicious cult.) _______________________________________________ http://box535.bluehost.com/mailman/listinfo/brin-l_mccmedia.com
