if your house is worth $500k and you owe $100k, you do not own your house, the bank does. you are in credit $400k at the current value. the banks can use that credit as collateral on their books as a hedge against other investments. therefore, if the bank falls over they have turned you into an unsecured creditor. goodbye house.
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if your house is worth $500k and you owe $100k, you do not own...
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