WARNING: This post may contain material offensive to those who lack wit, humor, common sense and/or supporting factual or anecdotal evidence. All statements and assertions contained herein may be subject to but not limited to: irony, metaphor, allusion and dripping sarcasm.
It depends on how it happens.
Some history....before I ever made my first mortgage payment my mortgage was sold. Within a year it was sold again.
So who actually holds your mortgage?
If it's not paid off and you and the rest of the country have no income like happened in the great depression...you'll lose your house and everything else you owe money on.
This is why I say if you have a 401k that could soon be worthless.....do a reality check NOW....and you still have a mortgage....would it be better to save your house or your 401K?
I would use my 401k to save my house....because a worthless 401k and no house is a bigger problem.
Don't really know but it's likely that depending upon the severity of the collapse, and it will be ungodly severe, the people of this country (and others I'm sure) will simply lose complete confidence in our government. Law officials and military personnel, etc... will also lose complete confidence and will no longer carry out the wishes of the elite bureaucracy leaving the TPTB impotent, and even in fear for their very lives. If the people no longer support the government there is no government, so I would imagine all those governmental agencies such as the veteran's admin, social security, etc...will no longer exist. We will be totally responsible for ourselves once again.
To cash any type of paycheck...one needs to have a bank to do it...
If all the banks close and the bigger worry is if a dollar bill still has any value....
I have a paper bill with Sadams picture on it from the former Iraq. it's not worth the paper it's printed on..
remember the one certainty throughout history...
Death & taxes....they always want their money...
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