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They would owe more than they own. But if you buy a house with a mortgage and the price goes down, you still owe exactly the same amount of money. Same monthly
by netcan 12y ago
They would owe more than they own. But if you buy a house with a mortgage and the price goes down, you still owe exactly the same amount of money. Same monthly payments. Same house. Nothing changes unless you sell it.. and don't immediately buy another.
- muzz 12y agoIn that case, the owner would have every incentive to "strategically default"