Walk Away
Walk away?
AOL.com had a little report today where they focused on some people with different stories about their financial situations.
One of the men they talked about was a successful mortgage broker who lost his job. He racked up $35k in credit card debt to survive off (thinking that he could pay it back), but couldn't find a job to pay off the debt. The house he co-signed for his son was foreclosed on, so he said that when he found himself not being able to make the minimum payments on his bills, he just "walked away from the debt and will someday pay it back."
How does someone just "walk away?" At first I thought he filed for bankruptcy but wouldn't he have to pay some of it back?
Any ideas? Maybe he just stopped paying and changed his phone numbers to avoid the collectors? I don't see how someone just "walks away."
Mortgage loans are typically non-recourse, although the details vary by state. So you can walk away from just the mortgage, in many states, and not have to file bankruptcy. This wouldn't include consumer or credit card debt. Of course this only makes sense if you have zero or less equity in the house, and I am not addressing the questionable ethics of the whole thing.
On the other hand, if he was a "successful mortgage broker" it's hard to believe a $35K credit card debt was enough to ruin his finances. He couldn't have been that successful.
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