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Sovcit tried to buy a house.
(lemmy.world)
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this post was submitted on 21 Jul 2025
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Also if the government forse you into bankruptcy you will need to sell the house and the bank is going to be left holding the bag.
It's more that the government is first in line to get paid. The Bank doesn't care a ton about you going bankrupt, as they are second only to the government in getting their money back.
This is the key point that the banks are concerned with.
If the house is worth $100 and you owe the government $90, the bank can only recoup $10.
It’s a terrible idea to fund this loan because you likely will only get Pennies back