Come from a middle class family

How much equity do you have?

It's been nearly a year and they still haven't tried foreclosing the house?

It doesn't work that way in most parts of the world and it has nothing to do with compassion. Where do you live?

Not how it works.
Unless you signed something that literally cannot happen.

If the person dies and the bank has a loan out on them, then tough luck for the bank. That's why they ask if you smoke and other shit like that before deciding to give you the loan or not.

mortgages are tax deductible, and interest rates will likely continue to rise. Debt isn't always an inherently bad thing.

>>able to buy 'several properties'

We're middle class in the sense that, we're not poor enough to be eligible for benefits, yet not rich enough to not worry about debt.

My parents are working professionals, doctor and banker. They earned a decent salary but lived very frugally, so they saved enough to buy real estate.

They did most of their purchases back in the early 90's and 2000's when buying houses were cheap and easy as fuck.

It sounds like they're hiding a ton of money.

What country are you in user?
In most places, debt dies with the debtor. If you didn't cosign anything, it's literally not your problem.

The banks might (will) try to come after the next of kin but they can't force you to pay anything. You have no obligation.

Just to let everyone know.

I'm from Hong Kong, a place where there is no capital gains tax. But most of my parents real estate is in other countries, but primarily in Vancouver, Canada.

>Where do you live?

Vancouver, Canada.

I'm originally from Hong Kong.

>doctor and a banker
>own several properties
>live very frugally

how fucking retarded are you? do you really think you're middle class and that you have debt? theyre sitting on a god damn gold mine some where

Assuming the debt is in Canada:
debtcanada.ca/library/debtors-rights/83-inherited-debts
>What if someone dies, can they leave their debts to you? The short answer is no.
That was easy. Literally the first result on Google.

holy shit theyre buying properties in god dam vancouver??? and ur a fuckin fish head??? ur fuckin rich u retard

>Chinese in Vancouver and several properties
>middle-class
Not sure if this is b8, great ass-pull either way OP

> not knowing how to buy property for pennies on the dollar.

I missed the crypto bus, but at least I can buy cheap land once my main property is restored.

Lmao the banks forces you to pay anoter 100 in insurances for a reason. Same with your credit card. The only shithole in the world where it's not an obligation is in the us

to be honest, sounds like you are fucked. Seems like they brought properties but couldn't get rental income to cover the repayments. They are still working to cover the difference. And potentially, the houses may have gone down in value.

Tho I'm not in much better place.
>parents are middle class but couldn't save for shit
>finally buy house at 45/36
>less than a month my dad shatters his foot and can't work 18 months
>only gets work compo for 6 months
>Has surgery on it like 4 times
>when he returns he gets a pay cut
>retains his job for 8 years, but gets let go
>can't get a new job due to being 53 and having a seriously fucked foot
>"retires"
>pulls his superannuation in full (90k)
>asked them about their mortgage, and told them they should use the 90k to just pay off the remainder of your mortgage
>said it wouldn't even cover half
>They brought the house for 240k originally
>mum still working doing 65 hour weeks, earning 90k

Tho my sister moved back in with them last year, and is helping them with the mortgage. But still, when my mum retires, they will be reliant solely on the age pension and have no other assets. Feels bad man.

If my parents are rich, then why the fuck are they always worrying about money. Growing up, they're always stressing they don't have money. They keep getting mortgages, they currently have 3 mortgages on their shoulders and they're 65 and 60 respectively.

I'm fucking worried about them because they're still working and I tell them to just retire but they keep saying they can't because they need to keep paying off the mortgages.

Now i'm not very financially literate, but the mortgages may end up consuming my parents if they're not careful and one of them is already showing signs of being senile.

cause theyre fucking gooks

>be 29
>pay off house

Fuck faggots telling you to hold debt. I lived like a pauper to never suffer more debt than I could manage. Paid cash in full when needed, used credit cards that give rewards for everything else. Pay off every month.

Fuck frequent flyer miles and annual fees, I'd rather keep my entry level card that gives cash back and have a huge credit limit to wave my FICO dick when needed.

My grandmother acts poor when she's under 100k in liquid assets. It's an elderly trait. I don't have much in liquid assets, but I have credit and equity if I REALLY need it.

i live in BC canada

>mortgages are tax deductible, and interest rates will likely continue to rise.

What does this mean?

I live in CA USA. I've seen houses in southern California sell for less than 10k. No, I didn't have the cash to buy at the time, and if I did I'd be bitched at for not buying BTC instead

>me
>fat neet sitting in front of my comp, clicking a few buttons every day and trading crypto , making like 2 grand a day
>lookk out window
>see mexican dude and black dude doing shitty manual labor jobs in 100 degree heat, pruning hedges, mowing lawns, making like 8 dollars an hour

sometimes i feel so sorry for people

Brainwashed by the system

The scary thing is they expect me to be the same as they are.

>Constantly scared and stressed about money.
>Have multiple debts to pay off.
>Make it my lifes purpose to just acquire resources but not enjoying any of it.
>Work a shitty corporate job and be proud and loyal to my employer till the day I die in my cubicle.

They really grew up in a different fucking era.

Just ask them about it? Be confronting. Do you have sisters and brothers? Ask them about their will. But they might not want to tell you because they use that chinese maffia banking system mouth on mouth hidden away from the government in Canada. If they have something like a holding, look it up and see its assets and financial structure.

If they have multiple places in Vancouver being fucking doctors, they probably rich. You can't get mortgages if you can't pay them or if there is nothing to seize when you default. So they might have debt but backed by properties.

Talk about it man. You don't want to inherit a portfolio like that without knowing a thing about it. Get an accountant if they don't already

better kick them out of the country before they steal your job

>Hong Kong
WELL NO FUCKING WONDER
Buy all the properties, sell them later for retarded prices and then go buy up the rest of Canada why don't you

OKAY so yeah im from vancouver canada,

We have just introduced foreign buyers tax so OPs parents are probably getting fucked.

But honestly, its not too bad, the properties are worth so much...

Your parents are probably very ambitious and now that certain laws have changed they are probably feeling the heat.

How old are you? Get a better understanding, educate yourself, keep any property you have in north van richmond etc.

Maybe sell one start developing maple ridge. Its already started.

Cmon OP theres money to be made and your parents have done the hard part.

>theyre sitting on a god damn gold mine some where

This is how every damn fucking communist thinks. They make assumptions out of their asses about other people's financial situation.

>a doctor and a banker walk into a hospital and pick up a new born baby, and tells them we have financial troubles.
>stupid new baby grows up and believes this shit.
DOCTOR

And

BANKER

get a fucking grip on reality faggot.

i hope you get the most severe cancer there is and die a long painful death

hey, thats not very nice. Re-evaluate your piroties and attitude.

O-Oy vey? Geez, why does everyone in Vancouver hate us so much.

Now you're just playing dumb.

Nice LARPing faggot.

shoo shoo moralfag

This. They've been trained to act poor because where they came from (and where you actually belong) is back in shithole communist China, where acting rich means the government takes extra off you to give to themselves... I mean, "redistribute for mutual prosperity"

superior chink work ethic

Just shut the fuck up and make a success of yourself so they can die happily leaving you loads of wealth.

>They've been trained to act poor because where they came from

That's no longer the case. Cultural Revolution was over in the 1970s. Nowadays, they've adopted the worst aspects of Western materialism show off their wealth.

Hong Kong is not like the rest of china. It was owned by the UK until the late 90s, and when china got it back they pretty much left it alone.

>feeling sad for niggers and spics

Wasted get

Fucking lies. Maybe a one room shitshack is 10k but normal homes here in Southern California are 600k for a SHITTY house, 1m for a decent one.

wtf was the point of this thread im so confused...

>Be me
>upper middle class kid
>parents work insurance will pay off our house, and give us pensions, and other shit, plus a few huge lump sum payments

mfw, when me and my sibling inherit, we will literally be inheriting millions.

We'll also be millionaires before that ofc.

I feel sorry for you user - this is terrible.

Would you like 20 bitcoin or so to help them out?

My dad bought 3 small apartments for about $200k each and rents them out. His total worth is still under a million for sure, I barely even consider him as middle class to be honest.

As you get older you start to worry about retirement and medical care etc. If you want a comfortable retirement you need a lot of money saved up in addition to the home you're living in. Simply having your mortgage paid off for the house you're living in isn't enough. Just thing about it. If you want to retire at 65 and live well for another 20 years without working how much would you need?