The Picard Maneuver@piefed.world to People Twitter@sh.itjust.worksEnglish · 2 months agoHow could this happen? media.piefed.worldimagemessage-square158fedilinkarrow-up1963
arrow-up1963imageHow could this happen? media.piefed.worldThe Picard Maneuver@piefed.world to People Twitter@sh.itjust.worksEnglish · 2 months agomessage-square158fedilink
minus-squaretburkhol@lemmy.worldlinkfedilinkarrow-up27·2 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)@sh.itjust.workslinkfedilinkarrow-up3·2 months agoBut the bank can take the house as collateral, what are they even losing?
minus-squarescytale@piefed.ziplinkfedilinkEnglisharrow-up7·edit-22 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.