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To: redfish who wrote (53312)	11/10/2005 12:52:24 PM
From: Snowshoe	Respond to of 206325

>>The bankruptcy law does nothing to aid a lender in satisfying a deficiency judgment.<< I was responding to the idea that there is nothing to keep someone from walking out on a mortgage. I think it's now harder to walk out on a debt.

To: redfish who wrote (53312)	11/10/2005 1:17:43 PM
From: Think4Yourself	Respond to of 206325

re: If the debtor is willing to live with bad credit he can just blow off the bank. That's somewhat true. The bank will sell the house and come after the deadbeat for the deficiency. NOBODY in their right mind is going to give a loan to someone with a deficiency judgement. They will also have a totally destroyed FICO score, just from the mortgage payment delinquencies, which will cause their auto insurance to skyrocket. Most people don't realize it but credit card companies also have clauses in their contracts which allow them to jack up the interest rates on your new AND OUTSTANDING BALANCES when certain aspects of your credit rating change. Some employers also look at your credit report before hiring and occasionally during employment. This is especially true if you are exposed to highly confidential information which could be sold on the black market to take care of "financial problems". Bottom line is, if you walk out on your mortgage without the benefit of bankruptcy, which used to be the way to do it, you might as well get forged documents and start life over again as someone else. The people who will be wanting out of their mortgages in the coming years won't just be worthless deadbeats. They will be well paid professionals who let greed guide their decisions instead of common sense.