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this post was submitted on 06 Sep 2023
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But when you can't afford it any longer, the landlord is free to replace you with someone who temporarily can. That's the difference!
Bank can't do the same thing?
This is what I don't get. Where's the risk for the lender? If I can't pay, they get the house and can sell it. I guess there's a potential cashflow issue but the underlying asset isn't going anywhere.
Typically it's pretty low risk in comparison to other loans which is why home loans are relatively low but there's a risk that both the property value declines and the outstanding loan and selling costs is more than property value.
No