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I guess I need to explain a few things for you guys to understand why I am so depressed. This is not a rant, just facts. Things work differently here in Germany than in the US. In order to get a loan to buy a house, not only you have to render the house as collateral, but you also have to accept personal liability. The banks here do not just "repossess" a house, it is being auctioned off. (kind of a sheriff´s sale thing). Should the sales price not cover the loan, well, then there is still your personal liability, which ends with a debtor´s death or repayment. Just some figures: My house was close to 1 million $, I put down a payment of 200 K $ and took a loan of 800 K $, out of which I have repaid (until last year) 400 K $. It will most likely be sold at 300 K $ ( 30 % of market value, the usual price level at auctions), leaving me with a personal debt of 100 K $. Should I ever get a job again, I will have to contribute to this debt any amount I earn which exceeds the minimum income needed for subsistence. My loss is 700 K $.Legally, I still own the house. This means I am still liable for property tax, public utility fees etc. In former days, this was called slavery, but it is German reality in 2010.  Do I love my country? Spare me the answer... [xx(] Do I like bank people?
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