If the banks crashed due to a recession?

Question

Would I still have to make my mortgage and car payments?

Answer 1

It will never happen.  The "crash" happened because everyone tried to cash out and the banks didn't have cash readily available.  Panic ensued and drove prices down when mass selling occurs in financial markets.

If you can't make your mortgage payment, burn it !

If you can't make your auto loan payment, have someone steal it !

But until then, yes, you have to make your payments. Sorry.

Answer 2

If its your bank that goes broke then you just lost your house and car..  Your house and car will go up for auction to help pay back the banks creditors.

Answer 3

The banks would not crash during recession. The F.D.I.C. will protect the banks during a recession and during a  depression. The countries banks are now have protections from the lessons learned during the last depression.