3 ms·
Not sure I understand - don't these tenants have first position liens on the properties they live in? So failure to repay their deposits will result in them own
by cypherpunks01 4y ago
Not sure I understand - don't these tenants have first position liens on the properties they live in? So failure to repay their deposits will result in them owning the property outright?
- deleted 4y ago[deleted]
- sli 4y agoIn a just world where housing was treated as the basic necessity it is instead of a commodity or investment opportunity, this is how it would work.
- hocuspocus 4y agoSecond position. Tenants will likely lose the difference between the market value and the outstanding balance plus jeonse. I was in a similar position and was advised against waiting for the property to be auctioned off and try to buy it myself. Note: outside of a few neighborhoods, most apartments in Korea don't really appreciate in value. People want to buy new.
- creakingstairs 4y agoYea they have claims to it but they may not have the first position. The property owner may have got a mortgage, or have used it for a collateral in another loan. You are supposed to look at the existing interests in the property before signing a Jeonse but not everyone does that. Besides there are fraud schemes that involves property owner going into debt just before you sign which is pretty bonkers.