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No you are not obligated to pay the dealer in a game of pick the shell.

And when the dealer loses the taxpayer covers his end... but the player has to still pay the loses.

nonsense.

You have a moral obligation to protect your family from financial hooligans. Follow the law.

I posted this before, on another thread... but, once more in quicky fashion.

Back in the mid-80’s, near Houston.... I bought my first home in a “great deal” from my Brother-in-Law... we paid $43,500 for a house that appraised at $48,000. One year later, we couldn’t get an offer for $33,000. That’s how bad the market changed...

I lost my job, had to move half way across the country... but, I hired a management service to rent the house for me. I continued to pay my mortgage (at a net monthly loss) for nearly 10 years until prices recovered enough for us to sell the house without losing too much.

Meanwhile... I had close friends who took the “jingle mail” route. Despite all the horrible things I had always been told about foreclosures, these friends were buying NEW CARS (on credit) only 1 year later... and, in two cases, in less than 3 years... BOUGHT HOMES with mortgages in the same damn neighborhoods where they lived before... only at 40% reduced prices... They suffered FAR less than I did.

If I had it all to do over again.... I would send those keys back in a heart beat.

In fact.. I think, every state should make the laws clear: The banks ONLY recourse on failure to pay a home mortgage should be to reclaim the property. THAT will stop banks from making 100% loans and accepting fraudulent appraisals..