The Picard Maneuver@piefed.world to People Twitter@sh.itjust.worksEnglish · 4 days agoHow could this happen? media.piefed.worldimagemessage-square155fedilinkarrow-up1949arrow-down16
arrow-up1943arrow-down1imageHow could this happen? media.piefed.worldThe Picard Maneuver@piefed.world to People Twitter@sh.itjust.worksEnglish · 4 days agomessage-square155fedilink
minus-squaretburkhol@lemmy.worldlinkfedilinkarrow-up26·3 days agoIf something were to happen, and you couldn’t make rent, you might get evicted, which would be inconvenient. If something were to happen, and you couldn’t make the mortgage, the bank might lose money, which is unconscionable.
minus-squareDeathByBigSad@sh.itjust.workslinkfedilinkarrow-up3·3 days agoBut the bank can take the house as collateral, what are they even losing?
minus-squarescytale@piefed.ziplinkfedilinkEnglisharrow-up7·edit-23 days agoProbably much easier to have someone reliably pay than to have to go through all the processes of defaulting, repossessing, renovating/repairing, and reselling.
If something were to happen, and you couldn’t make rent, you might get evicted, which would be inconvenient.
If something were to happen, and you couldn’t make the mortgage, the bank might lose money, which is unconscionable.
But the bank can take the house as collateral, what are they even losing?
Probably much easier to have someone reliably pay than to have to go through all the processes of defaulting, repossessing, renovating/repairing, and reselling.