If you dont make your mortgage payment or car payment, your loans go into default.

This would also happen under "normal" times.

If you default on your loan(s), you lose the asset(s).

Edit. Even if the bank you have your loan with crashes, the loan is sold as an asset to another bank. The loan has value. YOU however, still need to make the payments.

If you dont make your mortgage payment or car payment, your loans go into default.

This would also happen under "normal" times.

If you default on your loan(s), you lose the asset(s).

Edit. Even if the bank you have your loan with crashes, the loan is sold as an asset to another bank. The loan has value. YOU however, still need to make the payments.

If you dont make your mortgage payment or car payment, your loans go into default.

This would also happen under "normal" times.

If you default on your loan(s), you lose the asset(s).