Good morning, radcen. :2wave:
In some cases, such as when the ability to repay a loan becomes impossible because of job loss or illness, or because a "teaser" interest rate was used and the real rate kicks in at a later date, I can understand walking away when you know you aren't going to be able to keep your word. You're still responsible and your credit rating will suffer even though you didn't mean for it to happen.
We had a case in our town where a family bought a great house with an above-ground swimming pool that was surrounded by a large enough deck that lounge chairs and tables were located there. My son-in-law knew the people that lived next door, so we were kept apprised of what was going on. Those people did not keep the house in good shape - they didn't paint the exterior when it badly needed it, and it started looking shabby. What they did do was tear the deck down and sold the wood, then emptied the pool and sold it. They apparently made sporadic house payments for a while then stopped paying altogether. They always had a new car, though, but it sat outside because they had also torn down a fairly new two car detached garage and sold it in pieces. They didn't replant the grass to improve the appearance but left big ugly holes where the pool and the garage used to be. It was an eyesore, and they eventually just walked away from the property - after gutting the interior of all the kitchen cupboards and lighting fixtures in the house that had been there when they moved in, and sold those, too. How they ever got a loan from any lending company is unknown, but the husband did have a job. They left the property a total mess when they left the area, though, which lowered the value of other houses around them. The bank has lowered the selling price by half, but no one is interested in buying it. This was a fairly high-priced neighborhood, too - not a ghetto. What do you do with ***holes like that if they move in next door to you, since it's against the law to kill them? :2mad: I wonder who they will scam next?