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A comment on Adjusted for inflation, a Single Family Home costs 75% more than it did in 1987. Parent comment

Re:Adjusted for inflation, a Single Family Home costs 75% mo... by Armisael16 on Tuesday April 19, 2022 @04:59AM (#31080967)
You generally don’t actually have to pay your mortgage - you just lose the house if you don’t (well, and take a hit to your credit score).

People can and do walk away from a place when they’re underwater.

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Re:Adjusted for inflation, a Single Family Home costs 75% mo... by BirdieNZ on Tuesday April 19, 2022 @07:22AM (#31081715)
This is country-dependent. In New Zealand, you cannot walk away from the mortgage. You might be able to if you declare bankruptcy, perhaps.
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Re:Adjusted for inflation, a Single Family Home costs 75% mo... by aaomidi on Tuesday April 19, 2022 @09:39AM (#31082921)
The whole point of the mortgage is that it's backed by the property.
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Re:Adjusted for inflation, a Single Family Home costs 75% mo... by llampx on Tuesday April 19, 2022 @07:31AM (#31081761)
Doesn't your credit take a major hit though? Then you'd have a harder time buying a new place for some years.
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