Can someone take your home from you? Will they have the cops backing you or them up
Is the argument that 80 of housing is directly owned by banks or 80% is mortgaged
Most will be mortgages
Could just ban those so everyone has to pay cash. I’m sure that wouldn’t backfire
People trying to argue that their mortgages are still functionally ownership or that without mortgages you’d have to pay “cash value” really show how propagandized people are. Can’t even imagine a economic system where land is distributed differently outside of what they know.
The concept of mortgages is inherently tied to the concept of private property. And yes your lender bank is a boot on top of you.
“Debt incumbent home owners don’t go on strike”.
the government seems to always have that power, and it will never not piss me off.
Technically the bank owns 50% of my house, but I’m allowed to live in it in the meantime. But, that’s how mortgages work.
I think legally I own my house but if I don’t keep paying the bank they can come and take it from me.
Yep. Even if you’ve technically paid for 75% of it, it won’t matter if you stop paying.
If that were to happen then the bank would only be able to take 25% + some cost (strictly defined). The remaining proceeds from the sale would be paid to you.
For simple math let’s say your mortgage is for $100. You have paid $75. You default and the bank takes your home and auctions it off. They get $125 (gotta love how value goes up). They take their $25 + $5 for costs. You then recieve the remaining $95.
Of course this isn’t counting all the interest you’ve paid just the principal.
Part of what made 08 so devastating is many homes were sold at a loss leading to the home owner being left with nothing.
To be clear I’m not saying being foreclosed on is nice in anyway, but there are rules that lessen the blow
When I browsed foreclosures on publicsurplus.com auctions (without intent to buy, only curiosity), those properties looked like they were being sold for next to nothing. Granted, it was as is, cash only, and up to you to remove the occupants (yeah, right), but the price starts were crazy low.
Most I’ve seen were auctions
To be fair at that point they’re more likely to come take your income and give you a tiny allowance
Or you can sell it.
Yeah but then I don’t have a house again
And neither does the bank unless the buyer uses the same lender. You could let them take it if you want, but the equity would probably be useful for any future endeavor.
Cool sticker, yes boo capitalism, but that’s not how mortgages work, and yes the cops will protect the bank.
Can you explain?
This sticker is saying anyone who has a mortgage doesn’t own their home.
A mortgage is a loan the homeowner takes out and uses the house as collateral for the loan. So my own home is mortgaged, I needed 5% of the purchase price to buy it and I borrowed the rest. I have lived in it since and paid the mortgage monthly.
If I stop paying the bank will foreclose and kick me out.
If the bank can take your home away, I don’t think you really own it.
So can the local government. And on both counts only if I don’t pay as agreed.
Actually the local government can take it without your approval as long as they deem whatever they give you in exchange acceptable.
That is severely limited in most states. Our constitutional protections are minimal but our state constitutions and laws were largely changed following Kelo
Power to the people! Fuck capitalism!
fuck yeah, cool sticker
I own about 40% of it and the bank owns the rest. I could pay it off and own 100% of it if I wanted to but that’s not wise financially.
