foreclosures are almost always a net transfer of wealth from bankers to homeowners
With the foreclosed person as collateral damage? En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
As far as I know, it's still not, at least in the US. The home exemption means that other creditors cannot force you to sell your home as an asset to pay them. Only a certain amount of equity is exempt. The mortgage is a different story -- you can't discharge it in bankruptcy and banks can foreclose and take their asset back, although I think they have to wait until the other debt is discharged before they proceed. Maybe we can eventually make language a complete impediment to understanding. -Hobbes
But when people default on their mortgage they can get foreclosed and repossessed, and they will unless the bank has inexplicably (heh) misplaced the loan documents. En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
the new bankruptcy laws in the US which made it more difficult for people to escape credit card debt by filing for bankruptcy
