Questions and Answers With The Wolf Pack : What banks will do to peoples mortgages after an economic collapse
Question from Joey
Do you have information about what banks will do to people’s mortgages after an economic collapse? Any idea what the situation might be? Just stay in the house until some notice? If there is no jobs there is no money there is no paying bills. What about car payments and other utilities? Any info would be appreciated.
They (the banks) will still demand payment, and will take your property the same as they would any other time that the agreement isn’t met. An economic collapse doesn’t mean that the lenders with forgive or forget about your debt – they will come after you with everything that they have, in an attempt to collect what is owed to them.
Look at what happened during the Great Depression in the 1900′s – here is an example
. In Greece the government passed laws to protect some people from foreclosure
but I don’t think it will happen in the U.S. that’s why it is a good idea to get rid of your debt if possible. And if not to have a back up plan just in case you do lose and are forced from your home (a truck and a travel trailer for example).