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submitted 11 months ago by Confidant6198@lemmy.ml to c/asklemmy@lemmy.ml

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Let’s say that you buy a home in cash and have 100% paid off. Could you still lose it somehow?

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[-] HipsterTenZero@dormi.zone 32 points 11 months ago

You can get eminent domain'd or your house could be destroyed by natural disaster, house fire, etc.

[-] basic_spud@kbin.social 7 points 11 months ago

In theory, in the case of eminent domain you get the value of your home paid. In practice... its often not enough to actually buy a similar house.

[-] snooggums@kbin.social 7 points 11 months ago

You get a government set rate for the house, not what it could sell for on the open market.

this post was submitted on 04 Dec 2023

142 points (97.3% liked)

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