Well, it's no wonder that our housing market is in the condition that it is in! At Chang & Diamond, APC many clients come to us to help free them of mortgage debt. We pass no judgement and help as best as we can. So it angers me when I hear that the Mortgage Bankers Association which is the mortgage "industry's voice on legislative and regulatory issues" has recently defaulted on their $79 million dollar building that they purchased a few years ago. When they fell on some hard times over there at the MBA, rumor has it they decided renting would be cheaper. So they short sold their new (and very expensive) building in favor of renting. They moved about 5 blocks away from where they defaulted. The president of the MBA, John Courson, has been quoted saying that defaulting on your loan is a moral issue. In addition to that not being true, it is also hypocritical. He also said that before you default on a loan you should consider what message it sends to "family and their kids and their friends by defaulting".
We see hundreds of clients every year that have no choice but to default on their homes. Our clients can rest easier now knowing that even those that preach against defaulting on your loan have done it once themselves.
If you find that you are in a position that you need to default, bankruptcy can protect you from any repercussions. Call us today! 619-233-6300
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