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View Diary: The 1 Percent Indifferent to Their Indebtedness (15 comments)

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  •  If you "walk away" (4+ / 0-)
    Recommended by:
    Bluerall, MGross, opinionated, VClib

    ..from a mortgage it sinks your credit rating. The bank can also come after you for the deficiency, perhaps triggering bankruptcy. These are repercussions which make people think twice about "walking away."

    •  dont forget to mention (1+ / 0-)
      Recommended by:
      opinionated

      all those pesky debt collection agencies who call morning noon and night 7 days a week, even if its a different John Doe that actually owes the debt.
      Had an Illinois company call me over a phone bill that was 12 years old, A bill that was actually paid in full not once but twice. When Verizon bought out GTE north, record of the bill seems to have been misplaced. Shortly before Verizon sold this area off to some no name company Verizon then sold that fraudulent zombie debt to the Illinois company.
      I refused to pay it a third time.
      Got a call from that company even after I had filed bankrupcty and had the debt legally dischaged. Court had notified them.
      They claimed ignorance of the bankruptcy till I informed them that I had a document from the court showing that they had been notified.In fact only 1 company said the court had not been notified because they were unable to get ahold of them, My mortgage holder Well's Fargo.

      With debt collection agencies the key to getting something is persistance, they will call til they get you to pay, even if its way past the statute of limitations, they are banking on you sending something just to get them to stop.

    •  Well, not in all states. (1+ / 0-)
      Recommended by:
      VClib

      Some states do not allow lenders legal recourse beyond repossession.

    •  The repercussions are, however, (2+ / 0-)
      Recommended by:
      opinionated, Calamity Jean

      exaggerated to apply social pressure on mortgage holders -- to prevent them from walking away and putting the burden on the banks, which started this whole problem with their reckless gambling.

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