4 ms·

I don’t really get how this is possible. They should be able to take out a loan against the property to pay for any expenses, and just sell it at the end to pay

by DC1350 6y ago

I don’t really get how this is possible. They should be able to take out a loan against the property to pay for any expenses, and just sell it at the end to pay off debts if they need to once this is over. They’re upset about lost income but not really struggling... Their net worth is just as high as a renter with a few hundred thousand in the bank. I would have a hard time feeling sorry for somebody in that position > working-class landlords lol

josephg 6y ago
You’re assuming they own the property outright with no mortgage, which is pretty unlikely. If they have a loan already the bank might not want to loan them more money against the property in the current market. And if they sell it, to who? It’ll be at a massive discount right now and they might not be able to cover the amount they owe to the bank.
- yellowapple 6y ago
  > You’re assuming they own the property outright with no mortgage, which is pretty unlikely. If they own property in New York City and were able to qualify for any sort of mortgage on a working class dual-income, then it's highly unlikely that they bought that property at any point within the last 30 years, in which case - if there was a mortgage - it should be long paid-for by now.