• LifeInMultipleChoice@lemmy.dbzer0.com
    link
    fedilink
    English
    arrow-up
    3
    ·
    1 month ago

    How could your net worth be -700k do to a mortgage, wouldn’t the asset offset the debt, so unless you owed 700k on a house post it being repossessed the $x house would be net zero or positive in most situations when you purchase, unless the house devalues faster than the rate at which you pay it off?

    • Fenrisulfir
      link
      fedilink
      arrow-up
      3
      ·
      1 month ago

      Yes you’re correct. The asset offsets the debt. It was a joke but it does feel like that at times. Hopefully it’s paid off by the time I retire