What happens to your home/mortgage if there were a total financial collapse?
Tuesday, June 28th, 2011David W asked:
I’m not talking about what we’re seeing now. What would happen to my home/mortgage if all the other countries in the world collected the U.S.’s IOU’s and made the dollar worthless? They couldn’t ask for money. Would they foreclose on your house. It wouldn’t make sense because they couldn’t sell it to anyone else. What would happen? I’m also assuming everyone would immediately take their money out of the bank to, so without fractional reserve banking and no fiat currency value most institutions would fail. Would the house default to the owner? Any ideas?
I’m not talking about what we’re seeing now. What would happen to my home/mortgage if all the other countries in the world collected the U.S.’s IOU’s and made the dollar worthless? They couldn’t ask for money. Would they foreclose on your house. It wouldn’t make sense because they couldn’t sell it to anyone else. What would happen? I’m also assuming everyone would immediately take their money out of the bank to, so without fractional reserve banking and no fiat currency value most institutions would fail. Would the house default to the owner? Any ideas?