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They can mess up your credit, sue you, and seize the money from your bank account, or get the money the witheld from your paycheck.
by gersh 16y ago
They can mess up your credit, sue you, and seize the money from your bank account, or get the money the witheld from your paycheck.
- gojomo 16y agoTheoretically, yes. But practically, if too many people default, they can't. As with recent home mortgage default levels.
- Retric 16y agoIf you default on home mortgage they don't get to sue you, and seize the money from your bank account. Also if you die, the government does not pay off that debt.
- gojomo 16y agoA foreclosure is in many jurisdiction an expedited lawsuit. And some mortgage loans, in some states, are full recourse -- they can go after other assets (including bank balances) and paychecks. That they often don't reinforces my original point: there are plenty of levers creditors theoretically have that can't practically be employed against mass defaults and poor/unemployed people.