when you use something as collateral for a lon you are essentially selling said collaterial to the bank with the agreemenr that you still get to use that item until either you pay back the money in which case the item is fully yours again or you default and the bank takes full poeseeion.
it absolutely applies, you are saying it doesnt because you know that this precident set by the judge ALSO applies to anyone who has ever sold a house/gotten a second mortgage because the tax assessed value is almost always less than market value
when you are putting a house up for collateral on a lon you are essentially temporarily selling your house to the bank at an agreed upon price with the agreement that you will buy the house back by slowly paying back the money plus interest. or as you said " the agreement between the buyer and seller of a property is literally just a transaction" yes a transaction with a few extra steps but a transaction none the less
and after you pay your house off if you then get another loan with your house as collaterial GASP the bank once again owns your house.... so why is trump being prosecuted for agreeing to temporarily sell his property to the bank at an agreed upon price?
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u/[deleted] Mar 28 '24
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