In the USA, can you lose your home even after it is 100% paid off?
Let’s say that you buy a home in cash and have 100% paid off. Could you still lose it somehow?
You are viewing a single comment
Let’s say that you buy a home in cash and have 100% paid off. Could you still lose it somehow?
You can get eminent domain'd or your house could be destroyed by natural disaster, house fire, etc.
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.
You get a government set rate for the house, not what it could sell for on the open market.