With housing frenzied in Sydney and realtors erupting in many markets, it may seem an odd question. After all, only a tiny fraction of borrowers are three months behind in their payments. But every day more people walk into more debt. We now owe over a trillion in residential mortgages. Never before have so many people bought so much real estate with so little down. If the economy were to soften, rates rise or lots of jobs be lost, then many owners might wonder: why would I continue to pay a mortgage which is bigger than my condo’s worth?
#sydney #mortgagePrison #mikemartins
Most homeowners have no idea what transpires when they can’t cough up the monthly. An unknown number (lots, I’ll bet) believe there’s a Canadian equivalent of jingle mail. That’s the sound an envelope full of house keys makes when you mail it back to the bank. Large numbers of Americans, their houses underwater and unable to service their borrowing, just moved out and sent the keys back, or left them on the kitchen counter after receiving foreclosure notices.
Please watch: “Mike in The Night ! – The Great Reset – #mikeinthenight #talkshow #Thegreatreset”