answer?

[Anonymous No.49736793]

If the price of the house is less than your mortgage the banks will call the loan. If the bank gave you $500k and now the house is only worth $300k they will take the house back, you will be homeless and they will ask you for $200k, that’s what happened on 2008.

Am I correct?

[Anonymous No.49736815]

>>49736793
dumb fucking nigger

[Anonymous No.49736828]

>>49736793
>are you owed money
yea the bank owes you money bro, good job man lets watch rick and morty

[Anonymous No.49737255]

>>49736815
>>49736828

?

[Anonymous No.49737414]

if the price of the loan is greater than the price of the home, people walk away from the mortgage

[Anonymous No.49737515]

>>49736793in the off chance you're not trolling then i feel i should respond.

Retard

[Anonymous No.49737537]

>>49736793
You take the negative equity and charge to a credit card.

[Anonymous No.49737563]

>>49737414
Newsflash:
People generally do not 'walk away from their homes' as they live in them. Regardless possible negative equity situation.

[Anonymous No.49737577]

If the house price drops you need to add another house to the mortgage to cover for the loss in value/renovate. You have an obligation to keep your home/s value equal to the mortgage you retard

[Anonymous No.49737609]

>>49737577
This. The bank grants you the cash difference which you can then use to make home improvements or purchase a separate property

[Anonymous No.49737611]

>>49737563
they did that in 08 which caused a fucking chain reaction
>it's contained to subprime, bros, don't worry!!!!!!

[Anonymous No.49737622]

>>49737577

This.
A common thing is to add a small shed somewhere on the property and then deck the walls with gold-plated panels to increase overall value.
It doesn't have to even be real gold, it can be gold-tinted foil wrapper, like the ones ferrero rocher comes in. As long a the realtor doing assessing doesn't come too close she won't know the difference. Maybe smear some shit on the floor in front of it so she can't approach it.

[Anonymous No.49737772]

>>49736793
I really wish they’d actually enforce the 18 year old policy to post here. Jesus Christ. Nothing “happens”. You just owe way more fucking money than your house is worth. Unless you planned on selling your house, it doesn’t matter what the value is. Banks don’t take it away unless you can’t pay your bills.

Worst case scenario? You can’t pay your bills anymore and you go into foreclosure. That’s when the bank takes away your house and whatever money is leftover on the loan from the sale of your house, you owe.

Another scenario is called a Short Sale. In this case, you sell your house and beg the bank to accept the sale price and call it even on your mortgage. If the bank says no, you’re fucked and go into foreclosure. If you can’t sell it, you’re fucked and go into foreclosure. If the sale goes through and the bank agrees, you’ve lost the house, but don’t owe the extra cost of the mortgage that you haven’t paid.
t. got my house through a short sale