As sweet a deal as that sounds, and however poetic the justice, I don’t suggest that you do it just for fun. It would be very risky. But would I pack up and leave just because I couldn’t pay the mortgage without even making them prove they could kick me out? If you cooperate with the bondsman and work closely with him throughout the process, it will go very smoothly and you can bail someone out of jail in a matter of hours! Federal bail bonds are a little different to normal state or county bail bonds, and if you don’t understand them then the whole process is going to seem pretty alien at first. It’s not too difficult to get a good handle of the situation, and in reality you’ll be dealing with a bondsman who will handle most of the process for you anyway. And in my view no moral reasons not to “walk away” at all.
You need to provide proof of identification, and also some information about the person you are bailing out (the bondsman will combine this information with his own research databases) before the process can begin properly. This must be paid fully in order to cover some of the risk that the bondsman will be taking on. And the answer to that question is that without a doubt, it was bad banking that led us here. See, banks can borrow for almost no interest from the United States national bank, known as the Federal Reserve, or just “The Fed.”. All they had to do was find a home for that money and the banks could make a big profit, so money poured into real estate and the idea developed over many years that “real estate never goes down.” If houses “always went up,” then banks could lend increasingly large parts of their price to the buyers.
Other than the defendant, another person who can file for such a bond is a surety or an individual who acts on behalf of the one being accused. This person is usually referred to as a bail bond agent or bondsman and this practice of using a surety is common in the United States. How much a defendant should pay varies from state to state. And they may sue you and try to get you to pay a judgment. And they will almost certainly trash your credit report for seven years. Should you still walk away, though? Because the banks were having to show on their books the actual value of the mbses (called, “mark to market”), they were having to show the world that they were bankrupt. Instead of actually dealing with the problem, the bankers persuaded the group setting accounting standards to stop forcing them to mark the mbses to market.
This might seem like a horrible prospect, but again, if everything works out fine, it’s really quite simple. You could walk away from the house but still be saddled with the house payment. The simplest question arises where you are underwater on a non-recourse loan. Realizing that the event may go onto your credit report and mess you up that way (although in my view it shouldn’t), and realizing that there’s still a question of where you’re going to live, if you can work those things out there’s no pressing economic reason to continue to make payments. In most cases, if you break a contract you have to give the other guy the profit he expected to make out of the deal. Then you’re free to go your merry way looking for better things to do.
You should ignore anybody who suggests that you have a moral duty to “bail out” the bank from its mistake at your expense. To foreclose is to admit that the mortgage isn’t paying and any mbs associated with it is not worth as much as they want to pretend it is. In order to keep people from realizing they are broke, the banks can’t foreclose on mortgages that aren’t paying! And so there are huge numbers of mortgages that are delinquent but not being foreclosed. The only problem with the scam, from the bankers’ point of view, is that they are allowed to mark to make believe only as long as they don’t start foreclosure! Therefore, if you stop paying, they know what they can do with the house! There Are A Couple Of Wild-Cards There are two wild cards in this deck which suggest that “walk away” is not really the best way to put it.