• LifeInMultipleChoice@lemmy.dbzer0.com
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    3 months 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@lemmy.ca
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      3 months 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