This is what an emergency fund is for. And you would also end up homeless if you’re renting and lose your income. It’s no better. At least with the house, you could sell it if you need the money. You’ll just lose a bit, but not everything.
But actually a lot of businesses do the same, so there’s now a lot of middle size repossessed houses on the market and no-one that can buy them. So they auction it, and another corporation buys it up for their rental portfolio at half the price you paid. So now the bank comes after you for the rest of the money, for the rest of your life.
But you can feel happy that the banks didn’t lose, and the corporations won!
Until you get laid off in corporate downsizing to increase profits by .5% and then you can’t afford your mortgage and the bank seizes your house
This is what an emergency fund is for. And you would also end up homeless if you’re renting and lose your income. It’s no better. At least with the house, you could sell it if you need the money. You’ll just lose a bit, but not everything.
But actually a lot of businesses do the same, so there’s now a lot of middle size repossessed houses on the market and no-one that can buy them. So they auction it, and another corporation buys it up for their rental portfolio at half the price you paid. So now the bank comes after you for the rest of the money, for the rest of your life.
But you can feel happy that the banks didn’t lose, and the corporations won!