Quote:
Originally Posted by alternative-answer
If you sign an agreement with a bank and they have not been complying with the law when enforcing that agreement then surely someone has the right to challenge them.
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Agreed.
You can challenge your mortgage holder to produce the original note in court proving that you owe them anything.
With mortgages being sold as they are the original paperwork is often misplaced. No original note, mortgage dismissed.
But the fact remains that you did indeed borrow the money and you have a moral obligation to pay that money back whether or not you have the legal obligation.
There is precedent for this in America. In 1969 Jerome Daly stopped paying his mortgage. When faced with forclosure he argued;
that the bank had not provided any consideration for Daly's promise to pay back the loan. Consideration is one of the requirements for a valid contract, and without it, a contract is void. Daly was arguing that the mortgage contract was void and did not need to be repaid because the bank had not actually given him any money. The lender had created the money out of thin air in response to the promise to repay the loan.
This credit, argued Daly, was not real money that counted as consideration and therefore did not need to be paid back. Without valid consideration, the mortgage contract was null and void and nothing was owed to the bank. Astoundingly enough, the jury agreed with him and declared that the mortgage was not a valid contract.
See credit river decision for more detail.
Yet Mr Daly had the home!
This is a moral ethical issue. Something tangible with
nothing in return. Mitigating circumstance such as losing
your job aside. If you skate, you are wrong. This is not
to argue that widows and orphans should be turned out
into the streets. Perhaps some other arrangement could
be made in an enlightened society other than foreclosure. It might involve giving up your granite counter tops and trading down to another bank owned property.
Enjoy your wide screen television and beamer that aren't paid for.
If you are in debt, get out of debt.
If you are not in debt never get into debt.
Then you are beholden to no man.
Use it up
wear it out
make it do
or do without.
This ethic is about to be imposed on the masses. Your
great grandparents would be quite familiar with it.
Soon you will be too. Remember that meat rationing didn't end in
the UK until 1954
If that makes me clueless, so be it. Go enjoy your Ipod and don't forget
to run by the deli to pick up something for dinner.