How bad does it have to be for my debt to be erased?

Is there a point when things are so bad that the bank that I owe my mortgage to just disappears? Will they quit sending a bill if they no longer have any employees show up to work? Will anyone try to repo my house?

[edit on 17-9-2008 by downtown436]

The assets would be sold off. Someone else will always own it.

Ama

Just have a friend with a boat take to several hundred yards off of the Florida coastline, and let you swim ashore.
You can assume a whole new identity, get thousands of dollars in benefits including free Social Security, free Hospitalization, free food, and more things than I can list here.
It IS a sorry state of affairs when Immigrants have better benefits that we do.

[edit on 17-9-2008 by Ravinsomniac]

Your debt still has value and will be sold off on the secondary market. If you have ever bought a house your mortgage is traded like a stock and the interest rate you pay is related to your personal credit risk.

If things get that bad, the knock on the door will be the Jack Booted Thug that will take you to the "detention center" where you can have the privledge of working off your debt.

Originally posted by bismarcksea
... the Jack Booted Thug that will take you to the "detention center" where you can have the privledge of working off your debt.

Please reference the jack booted thug 4 levels from the top.

I suppose there is a theoretical point where all debt would be erased, but believe me, it is nothing to hope for. If things get that bad, you won't be worried about your house, because you will have no food or water either.

In any economic system, those who are in debt are slaves to their lender. The problem with the way debt is traded today is that you never really know who you are slaved to. That is the precise reason I decide a few years back to get out of debt and stay out of debt.

In nothing we trust, that is one awesome pic! You get a star from me for that!

TheRedneck

Of which company are you the CEO?