Users Online Now:
1,364
(
Who's On?
)
Visitors Today:
83,084
Pageviews Today:
131,299
Threads Today:
56
Posts Today:
793
01:24 AM
Directory
Adv. Search
Topics
Forum
Back to Forum
Back to Thread
REPLY TO THREAD
Subject
What happens to mortgages during hyperinflation?
User Name
Font color:
Default
Dark Red
Red
Orange
Brown
Yellow
Green
Olive
Cyan
Blue
Dark Blue
Indigo
Violet
Black
Font:
Default
Verdana
Tahoma
Ms Sans Serif
In accordance with industry accepted best practices we ask that users limit their copy / paste of copyrighted material to the relevant portions of the article you wish to discuss and no more than 50% of the source material, provide a link back to the original article and provide your original comments / criticism in your post with the article.
[quote:Blue Wave:MV8zOTExOTA1XzcwNTUyNDY3XzI5MkQxMzhG] [quote:Sikhed:MV8zOTExOTA1XzcwNTUyNDU4XzkyQkY1RERE] [quote:Blue Wave:MV8zOTExOTA1XzcwNTUyNDQ1X0Y1MTUxMDIx] [quote:Sikhed:MV8zOTExOTA1XzcwNTUyMjQ1X0YxOTg2Qzkz] Thanks. Personally, I'm fixed at 6.93% With only 6 years left. (and no 2nd mortgage either) Seems to good to be true. Makes a person kinda look forward to economic doom. [/quote] Why didn't you refinance a few years ago? I refinanced to a 15 year mortgage at 2.62%. Even my 30 year prior to the refinance was 5.25%. You've been paying way too much in interest. [/quote] I have no credit score. Private loan. [/quote] No credit or bad credit? [/quote]
Original Message
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.
Pictures (click to insert)
General
Politics
Bananas
People
Potentially Offensive
Emotions
Big Round Smilies
Aliens and Space
Friendship & Love
Textual
Doom
Misc Small Smilies
Religion
Love
Random
View All Categories
|
Next Page >>