The Picard Maneuver@piefed.world to People Twitter@sh.itjust.worksEnglish · 5 hours agoHow could this happen? media.piefed.worldimagemessage-square64linkfedilinkarrow-up1354arrow-down13
arrow-up1351arrow-down1imageHow could this happen? media.piefed.worldThe Picard Maneuver@piefed.world to People Twitter@sh.itjust.worksEnglish · 5 hours agomessage-square64linkfedilink
minus-squareTar_Alcaran@sh.itjust.workslinkfedilinkarrow-up3·2 hours ago“they get the house if you don’t pay” really isn’t so great after you’ve look at what they actually get for those houses. Generally, people don’t get foreclosed on when their house looks super fancy and well maintained.
minus-squarePriorityMotif@lemmy.worldlinkfedilinkarrow-up2·31 minutes agoThey only get to force the sale of the house to recoup their loan, you get to keep the extra from the sale. House sells for $300k, you owed $250k you walk away with $50k and the bank gets their money back.
minus-squarelunarul@lemmy.worldlinkfedilinkarrow-up3·2 hours agoAlso debt is an asset for banks. Having people in debt for 30 years is better than having people in debt for 10 years and then selling their house.
“they get the house if you don’t pay” really isn’t so great after you’ve look at what they actually get for those houses.
Generally, people don’t get foreclosed on when their house looks super fancy and well maintained.
They only get to force the sale of the house to recoup their loan, you get to keep the extra from the sale. House sells for $300k, you owed $250k you walk away with $50k and the bank gets their money back.
Also debt is an asset for banks. Having people in debt for 30 years is better than having people in debt for 10 years and then selling their house.