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To: Spekulatius who wrote (39732)10/19/2010 7:43:20 AM
From: Dan Meleney3 Recommendations  Read Replies (1) | Respond to of 78751
 
OT re Mortgage walkaway...for my mortgage, defaulting is not simply an option...I agreed to pay $x each month for 360 months. There is no clause about "or I can choose to not pay and walk away". If I walk away, I've broken my contract and foreclosure is part of a remedy. The pawn transaction is quite different in that it offers a walkaway option as part of the contract and "foreclosure" is the exercise of an expected option.