No…? I’m not sure how you got that. I think the confusion in communication goes back to @Pronell@lemmy.world 's statement. Let me introduce my additional understanding there. They said the following, note my addition:
So if these properties are seized and mortgaged to the hilt, he’s still responsible for the balance owed [on the mortgages], isn’t he?
So to restate my position:
No, I do not believe so. I don’t think if the court took a $10million property with a $9million mortgage on it (meaning $1million in equity), I do NOT believe Trump would still owe the outstanding $9 million mortgage. The court would have the equity AND the debt, and would sell off the property keeping the equity and paying the lender the outstanding balance.
Further, lets say for easy math the judgment was only $5 million. Lets also assume that there were 5 identical properties with value, mortgage, and equity. I believe the court would take 5 properties which would equal the $5 million in equity which would equal the $5 million in the judgement.
So…you do think so.
No…? I’m not sure how you got that. I think the confusion in communication goes back to @Pronell@lemmy.world 's statement. Let me introduce my additional understanding there. They said the following, note my addition:
So to restate my position:
No, I do not believe so. I don’t think if the court took a $10million property with a $9million mortgage on it (meaning $1million in equity), I do NOT believe Trump would still owe the outstanding $9 million mortgage. The court would have the equity AND the debt, and would sell off the property keeping the equity and paying the lender the outstanding balance.
Further, lets say for easy math the judgment was only $5 million. Lets also assume that there were 5 identical properties with value, mortgage, and equity. I believe the court would take 5 properties which would equal the $5 million in equity which would equal the $5 million in the judgement.
Does that add clarity?