this post was submitted on 21 Jul 2025
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You: So whether or not it's true... the government thinks you owe them tens of thousands of dollars in back taxes and interest, correct?
Sovcit: Correct.
You: Now say, in a hypothetical scenario, that you're five years into paying off your mortgage, and one day: suddenly the authorities decide to prosecute you for tax evasion.
If you go to prison, or at best case you get your paychecks severely garnished, it's going to be really hard to keep paying your mortgage. Kind of a big risk for the bank, wouldn't you say?
Sovcit: ...
You: So...?
Sovcit. You still didn't tell me how to handle. What can I send to the bank to satisfy this?
Also if the government forse you into bankruptcy you will need to sell the house and the bank is going to be left holding the bag.
It's more that the government is first in line to get paid. The Bank doesn't care a ton about you going bankrupt, as they are second only to the government in getting their money back.
This is the key point that the banks are concerned with.
If the house is worth $100 and you owe the government $90, the bank can only recoup $10.
It’s a terrible idea to fund this loan because you likely will only get Pennies back