the thread about nothing...

i believe so.. i also read that you have to pay mortgage on your house even if it burns down.

"allegedly"
Well yeah. You're paying the loan, not the house.
Like we call it a 'house payment' (and 'car payment') but it's not. It's a loan payment. You're repaying the money borrowed, and that still exists after the home/car is destroyed.
 
Well yeah. You're paying the loan, not the house.
Like we call it a 'house payment' (and 'car payment') but it's not. It's a loan payment. You're repaying the money borrowed, and that still exists after the home/car is destroyed.

Yeah, the loan is secured against the property/item - and that’s why a requirement of it is to have adequate insurance.
 
So I wonder whats more valuable in LA, the plot or the house itself? Theoretically, couldn't one sell the plot, payoff whatever's left on the house, if anything and just start anew?
 
So I wonder whats more valuable in LA, the plot or the house itself? Theoretically, couldn't one sell the plot, payoff whatever's left on the house, if anything and just start anew?
1. The house itself is more. Land without a home is cheaper than with a home.
2. If you sell the land with no home there will still be money owed because the land itself isn't valued as much as land with a home.

If you still owe 400,000 on your home. It burns to the ground. You still 400,000.
 
IMG_0617.jpeg
 
I just went and watched the point Marty got there lol

Mad at myself, but I just realized Biff made the clock tower building his palace :wow:
 
Back
Top Bottom