How is it pure loss? They can just sieze the house and sell it off to recover th... | Hacker News

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		xwdv on Oct 9, 2023 \| parent \| context \| favorite \| on: Thousands of young people are fleeing Toronto – ec... How is it pure loss? They can just sieze the house and sell it off to recover their losses. The owner can go kick rocks.

gorjusborg on Oct 9, 2023 [–]

If the loan is truly 'under water', it means the house's actual worth on the market is less than the loaned amount.

The bank can sieze the property and sell it, but by definition they will lose money.

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