Exactly. It's a business deal, nothing more. For the bank, the house is the collateral. They know the risks. It's business, not tiddlywinks.
Right. And anyone who looks at how a 30 year mortgage is paid will notice that most of the interest is paid up front with very little of the money going towards principle. Nobody should feel obligated to stay in a business deal that is destroying them financially, short and long term. As mentioned, there are penalities if you can’t pay whether it is a mortgage or a rental agreement.
“Exactly. It’s a business deal, nothing more. For the bank, the house is the collateral. They know the risks. It’s business, not tiddlywinks. “
On top of that, the banks have insurance on the paper and recover 80% of the initial loan... for a house worth half of what the bank will receive from insurance and the TARP and the interest payments already received.
F*ing con game.