stevehobbes
@stevehobbes@lemm.ee
- Comment on Elon offers Wikipedia $ 1 billion to change their name to Dickipedia 8 months ago:
That isn’t quite right. If you stopped paying the bank would kick you out and sell the apartment to someone else, but if they get less than you owe them for it, they will also send you a bill for the remainder.
And then sue you to get that money.
Interestingly, if they get more than you owe them for it, they will cut you a check for the difference.
But you are actually wrong about how and what the order of operations is.
You are buying the house, the lender (bank) writes the check directly to the seller, and you sign a mortgage agreement for that much with the bank and they put a lien on your house. The bank does not own the house, you do. The bank owns a promissory note from you, backed by your personal wealth and credit and the value of the house (that they have a lien on).
- Comment on Elon offers Wikipedia $ 1 billion to change their name to Dickipedia 8 months ago:
That’s not how debt works, he almost certainly pledged assets and a personal guarantee against it. This is known as collateral.
The banks take the collateral when you stop paying.
- Comment on Elon offers Wikipedia $ 1 billion to change their name to Dickipedia 8 months ago:
Tell me you don’t understand taxes without telling me you don’t understand taxes.
- Comment on Tech CEOs Fleeing to Non-Extradition Countries 8 months ago:
I’m not sure so much as fled as that’s where FTX was HQd and he owned a ton of shit there that he bought with customer money.
He didn’t even have the balls to flee.
- Comment on Are smart door locks more or less secure than traditional door locks? 9 months ago:
This is it. The weakest part of most doors is the door. A sledge hammer will go through a door or window regardless of the lock.
Smart locks are way more convenient and the ability to grant timed access and unique access controls probably makes them more secure.