Many of us have prepared well (and continue to do so), but the reality is we still hold mortgages on our houses that we cannot pay off quickly.
If it is a total economic collapse and the banks close - they cannot take in or record mortgage payments - how does that work for those of us who do not own our houses outright?
Do they still attempt to foreclose on millions of houses the "old-fashioned" way?
Or will there not really be any machinery in place to affect that, so we just "stay put" until if/when the world economy rights itself.
Any thoughts, ideas?
Stay put and wait until they start demanding payment. Then it’s “let’s make a deal” time.
You have to think about the contradiction of planning for a societal collapse while expecting that courts will still continue to function and enforce business contracts against millions of defaults by ordinary people who used to be the backbone of a society of law
You could still continue to write checks even if you know no one will cash them or clear them
As long as banks are open, they can try to collect. They did in the Depression, but only after many months and even years. But if they are closed, no, there is no way they can collect.