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Banks, mortgages and major recession or depression.

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    #1

    Banks, mortgages and major recession or depression.

    Holding assets with loans in bad times may not be good. When a bank is desperate for cash it is worse than a heroin addict looking for a fix. Your banker will not be the friendly good neighbor when he calls you in his office. That nice home with a picket fence and shiny new car may end up back at the bank.
    I was speaking to another Real Estate Investor who lost money on several rental properties in the 2009 economic downturn. I was curious to learn from
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    #2
    Never took out a loan, only used the services of a financial company

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      #3
      Originally posted by cruzka View Post
      Never took out a loan, only used the services of a financial company
      Well if a depression hits that is good not to have debt. I would guess the banks will repo anything they can like someones home or car. All that equity is just burned up in flames. I think the generations from the US depression have mostly passed. The current generations don't fear debt and that is why we have so much debt.

      I always hear these advertisements to buy gold and prepare, but having gold won't help keep the bank off your back unless they will accept it for payment. I don't know how it would be priced though. The government would be the regulators I am sure.

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        #4
        Originally posted by 15round View Post

        Well if a depression hits that is good not to have debt. I would guess the banks will repo anything they can like someones home or car. All that equity is just burned up in flames. I think the generations from the US depression have mostly passed. The current generations don't fear debt and that is why we have so much debt.

        I always hear these advertisements to buy gold and prepare, but having gold won't help keep the bank off your back unless they will accept it for payment. I don't know how it would be priced though. The government would be the regulators I am sure.
        I rarely keeps debts like loans or CCs around for too long.
        15round 15round likes this.
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          #5
          Originally posted by kara View Post

          I rarely keeps debts like loans or CCs around for too long.
          Your forefathers would probably tell you that is wise.

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            #6
            Originally posted by 15round View Post

            Your forefathers would probably tell you that is wise.
            Yup, especially with the rates these days.

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              #7
              Originally posted by 15round View Post

              Your forefathers would probably tell you that is wise.
              Worst case you borrow money from Zaroku

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