If you buy a house and you don't pay the mortgage, the contract says you lose the house — you're out — you've got to pay or it goes back to the mortgage originator.

如果你抵押贷款买房，却没有还房贷，贷款合同规定，你将被取消赎回权，失去房子，所以你必须偿还贷款，否则你的原始贷款人就会收回房子。

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If you buy a house and you don't pay the mortgage, the contract says you lose the house-- you're out--you've got to pay or it goes back to the mortgage originator.

如果你抵押贷款买房,却没有还房贷,贷款合同规定,你将被取消赎回权,失去房子,所以你必须偿还贷款,否则你的原始贷款人就会收回房子

耶鲁公开课 - 金融市场课程节选

For someone living in Las Vegas who got a 30-year fixed at 6.5% in 2007, its likely that their losses from failure-to-breach their mortgage contract exceeded the marginal cost of constructing the very house they were living in.

FORBES: NGDP in the Long Run and Economic Plasticity

Well, because one of the major downsides of buying a house is that your equity is locked up in it and you have this very long term mortgage contract that its hard to get out of.

FORBES: How a New Housing Bubble Could Develop

However, if someone is willing to buy the house from you then this offers you away to both extract your equity and get out of the mortgage contract.

FORBES: How a New Housing Bubble Could Develop