118
Sovcit tried to buy a house.
(lemmy.world)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 21 Jul 2025
118 points (100.0% liked)
InsanePeopleFacebook
3901 readers
3 users here now
Screenshots of people being insane on Facebook. Please censor names/pics of end users in screenshots. Please follow the rules of lemmy.world
founded 2 years ago
MODERATORS
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