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What happens to debt once the big one hits?

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  • What happens to debt once the big one hits?

    We all know that getting out of debt is a priority for any prepper. But what happens if you're stuck with debt and SHTF?

    For example, will banks take away our homes or will they let us keep them, given that they won't be able to sell them?
    Always stay safe,

    Dan

  • #2
    Worldwide, debt will turn into BAD debt, and leave the lender holding the baby.

    As for the banks, I expect that the level of bad debts will kill that Bank, and leave a HUGE mess to be cleaned up over many years, if ever. Cannot advise of a course of action with the borrower of the funds, but maybe just sit tight and see what eventually happens.

    JMO

    OC

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    • #3
      I have been told that even if you paid off the house you don't get a title but a warranty of deed so do you willing own anything any way we was fortunate enough to pay all credit cards off didn't do anything to to our credit score i think they got piss off because they didn't get any interest off us lol

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      • #4
        I do not know what documentation you get over there, but we have a 'Certificate of Title' that is held by the Bank until the loan is cleared. At that time the Certificate of Title is returned to the owner. It should be kept in a SAFE place, and should form part of your preps, along with Passport, Wills, IDs etc.

        Our credit cards are clear but we keep them with the limit intact, just in case the world goes as insane as i think it will.

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        • #5
          As much cash money as possible will assist, given ATMs and EFT doo-dads will very possibly be out of action.

          JMO

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          • #6
            I think it depends on the state...California you no longer own the property your house sits on, the govt owns all mineral rights. When we bought the house in 1972 it came with all rights. We refinanced in the 80s and they kept the rights in the new deed..tried to fight them and lost. I believe you own 6 inches of dirt. And in reality even if you own it, under imminent domain or martial law they can confiscate it anyway.

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            • #7
              Question? If it is illegal to collect rainwater, and illegal to be off grid, and if you cannot live in a motohome or tiny house, and the govt can confiscate your hoarded food and your car and your home. Are you living in a democratic country?

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              • #8
                There may have been a time where I would have advocated that banks don't want your house but I have been proved wrong. Since corporate America has the backing of the state, I would guess that after the shtf, they will come for whatever you have, dept or not. If total breakdown occurs (which rarely happens, as some form of government continues) the acquisition of resources will be mission one. Water, food, ammo and whatever else is deemed necessary, will be taken under all manure of excuses. Debt will just be one of the tools used as reason for the confiscation of anything and everything we have. The citizenry will be cut off from services and forced into slave labor, for those at the top can live like kings. A good movie reference for what I'm talking about is "Soylent Green". ( A must watch film for survivalists) So be prepared to defend what's yours and cache what you can? In the end it will be your wits they can't take from you. ".

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                • #9
                  I say it depends on the SHTF..
                  If it's. Short term SHTF situation. Then they'll likely say pay up or lose it.

                  A long term SHTF.chances are. The bank will have gone belly up.if it did.chances are.it's yours.but look into it quietly as possible when the power and internet come back.

                  A permanent SHTF.then place is yours..

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