ST Alpha - "So long as you continue to pay your loan they don't give a crap." (Reading a Post)

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So long as you continue to pay your loan they don't give a crap.

Posted by Ender (aka Ender) Feb 20 '09, 13:48

Why would they foreclose on a property that's now worth $1 when you're still making payments? If they foreclose then they're out every cent they're owed except for that $1.

Responses:

if you were a back, would it make sense to have a $100,000 loan outstanding when the collateral is only worth $1? -- nm - znufrii, unpatriotic Feb 20, 13:52 11
- When they're still making payments it makes a lot more sense than it does to erase the loan and take the dollar. - Ender Feb 20, 14:02
- As long as they're making payments, yes. -- nm - JaxSean Feb 20, 13:53 8
  - Here's a dollar, can I borrow $100k? -- nm - znufrii, unpatriotic Feb 20, 13:54 7
    - That's different, becuase we'd be signing into a contract with those values. - JaxSean Feb 20, 13:56 6
      - it's not really different at all. The underlying asset is the same. - znufrii, unpatriotic Feb 20, 14:01 1
        
        You are massively confusing making a loan in the first place and what happens after a loan has been made. - Ender Feb 20, 14:06
      - [deleted] 3
        
        That only matters if you're selling. Nobody is doing those calculations on their home unless they're selling. -- nm - pmb Feb 20, 14:08
        
        who in the world makes that calculation on their residence? I don't care what my home is worth. I'm not selling it, I'm making payments I can afford - oblique Feb 20, 14:03 1
        
        [deleted]
- back-bank -- nm - znufrii, unpatriotic Feb 20, 13:52
[deleted]

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So long as you continue to pay your loan they don't give a crap.

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