this post was submitted on 01 Jul 2024
132 points (97.1% liked)
InsanePeopleFacebook
2635 readers
2 users here now
Screenshots of people being insane on Facebook. Please censor names/pics of end users in screenshots. Please follow the rules of lemmy.world
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
The collateral is the paper?? Holy shit
This bit is slightly less removed from reality than the average SovCit rant. The collateral is the house, but the piece of paper (deed/lien) says who legally owns the house. Without that documentation, the bank wouldn't accept the fact that a house merely exists, as collateral for the loan.
But like any good SovCit, they take the grain of truth and try to fill a canyon with it.
It’s even a bit more esoteric than that. Depending on the jurisdiction even the deed is worthless unless you registered it and/or gave adequate notice to anyone with a current or future interest in the property (newspaper announcement is a classic example). This is one of the many reasons that a County Register of Deeds is so important.