Quote:
Originally Posted by BrotherEastman
A question just occured to me, maybe I'm asking the wrong person but here goes; If the banks that are on the verge of collapse, who would get the property that we live on if we are still under a mortgage agreement? If the banks collapse, who would get the money for the credit cards that we owe on? I know that is a couple of "ifs", but if they happen like you say, then perhaps you have an answer.
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Unclaimed realty will escheat to the state. If you were still making payments it would go to the government or their organizational representative.
The government is ultimate guarantor to the banks so in event of bank default it would assume assets and liabilities.
And for reasons too detailed to go into on the forum, (although much different reasons than AE listed) the U.S. economy IS on the verge (20-30 years max) of collapse. And no I am not an alarmist, but I am a pragmatist.
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