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What happens to mortgages during hyperinflation?
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With all the talk and rumors of a coming worldwide economic carsh lately, was wondering this:
Let's say you buy a house in calm economic times. You put half down, get a 30 year mortgage, and pay $1000/mo at 6%.
Then hyperinflation hits. A cup of coffee costs $1 million, like in Venezuela and Zimbabwe.
What happens to your mortgage? (assuming the banks are still standing) Do you pay it off with your pocket change? Or is there a catch?
(I recently read mortgage papers, 15 pages of it, and don't see any clause about money becoming worthless. But then again, I'm not a lawyer either)
Thanks in advance for your input.
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