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No Backsies

I was astounded to hear an attorney at a closing explain to clients that if they didn’t pay the mortgage, “the bank would take the house back.”


Photo by Redvers

Umm, no, dear colleague. The buyer is purchasing from the current owners, Mr. & Mrs. Seller. The bank is providing the financing to make this transaction possible.  If Mr. & Mrs. Buyer don’t pay, eventually the bank will seize its collateral and take the house.

But since they don’t now own the house, and never did own the house, the bank can’t take it back.

 

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