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Re: Dealing with the Smarter Sheep
Steve:
Let me help you. Your "deadbeat" is merely living up to his contract. He agreed to pay or lose his home to the bank's foreclosure. In my state, and in many states in the U.S., if the lender forecloses non-judicially it cannot collect any deficiency. The lender therefore makes the loan KNOWING that foreclosure is its only remedy in the event of default. Borrower doesn't pay, bank gets what it bargained for, the house. Where's the morality play?
Now if the borrower throws a bag of redimix into the toilet and takes the copper plumbing on the way out, that's immoral. So is the lender sigining a declaration under penalty of perjury that it holds the original assigned note when it knows that it does not. Indeed, the former is waste and the latter is fraud. But a breach of contract is just that, nothing more. Contracts are breached every day and I've never heard a single judge in my 28 years of practicing law describe a breach as "immoral".
Oh, and yes, the "deadbeat" gets to decide when to make a payment and when not to make a payment on a mortgage". It's call free will, the excercise of which is followed by something called consequences. But please educate me on what Canadians are free or not free to do when the mortgage is due at the beginning of the month. Does the bank just deduct it from your account automatically? Or do they send Guido to provide a little non-contractual incentive?
Steve:
Let me help you. Your "deadbeat" is merely living up to his contract. He agreed to pay or lose his home to the bank's foreclosure. In my state, and in many states in the U.S., if the lender forecloses non-judicially it cannot collect any deficiency. The lender therefore makes the loan KNOWING that foreclosure is its only remedy in the event of default. Borrower doesn't pay, bank gets what it bargained for, the house. Where's the morality play?
Now if the borrower throws a bag of redimix into the toilet and takes the copper plumbing on the way out, that's immoral. So is the lender sigining a declaration under penalty of perjury that it holds the original assigned note when it knows that it does not. Indeed, the former is waste and the latter is fraud. But a breach of contract is just that, nothing more. Contracts are breached every day and I've never heard a single judge in my 28 years of practicing law describe a breach as "immoral".
Oh, and yes, the "deadbeat" gets to decide when to make a payment and when not to make a payment on a mortgage". It's call free will, the excercise of which is followed by something called consequences. But please educate me on what Canadians are free or not free to do when the mortgage is due at the beginning of the month. Does the bank just deduct it from your account automatically? Or do they send Guido to provide a little non-contractual incentive?
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