[John.Galt2012]

If the banks default then their creditors may end up owning your house.

So if China ultimately holds the bonds (debt), do they get my house and land?

[sam_paine]

So if China ultimately holds the bonds (debt), do they get my house and land?

Not if you don't default on the loan. That is, not if you keep your job, pay the taxes, pay the insurance and pay the payments as agreed to on time and in full with your wheelbarrow full of dollars.

Miss a step when things are in chaos, though....