The Picard Maneuver@piefed.world to People Twitter@sh.itjust.worksEnglish · 4 months agoHow could this happen? media.piefed.worldimagemessage-square158fedilinkarrow-up1964
arrow-up1964imageHow could this happen? media.piefed.worldThe Picard Maneuver@piefed.world to People Twitter@sh.itjust.worksEnglish · 4 months agomessage-square158fedilink
minus-squaretburkhol@lemmy.worldlinkfedilinkarrow-up27·4 months 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-square[鳳凰院 凶真 Hououin Kyouma]|[alt: 黃家駒 Wong Ka Kui]@sh.itjust.workslinkfedilinkarrow-up3·4 months agoBut the bank can take the house as collateral, what are they even losing?
minus-squarescytale@piefed.ziplinkfedilinkEnglisharrow-up7·edit-24 months 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.