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Consequences of defaulting... (by KC):

catrinas5 wrote:

one more bit of advice if you could... do you know if they will go as far as going after assets, garnishing wages so forth. i believe my contract states we have an arbitration addendum. ive been dealing with this since 2005. every time i got close to paying it off they suckered me in another one. this once makes 4. credit im willing but if beyond that i have to consider

You have not identified who "they" are, but your "arbitration" reference prompts me to guess that it's Diamond, as I've not heard of other developers employing that "arbitration clause" tactic (which seeks to prevent you from filing any lawsuits directly against them in court).

I won't speculate on developer actions after non-payment. I will note that developers can go after assets, but generally do not do so. They are usually entirely content to just keep every penny you have paid to them over the years, foreclose, and ding your credit for defaulting on a loan --- without any further subsequent action. It's really not worth their time or expense to chase you or seek to attach your assets, particularly since you have been lining their pockets for the past 15 years now. They know full well that there are plenty of other "lucky new customers" ready and willing to "sign on the dotted line," so the chances of them bothering to chase you are very slim (but certainly not zero). Good luck.