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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 (1 children)

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 (1 children)

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.