|
What happens if I default on my mortgage loan? |
|
|
|
|
Real Estate Self Help -
Home Financing | Bank Loan
|
|
What happens if I default on my mortgage loan?
The following are the actions the Bank can take: - Sell your property to recover the money lent to you;
- Appoint a receiver, that is to appoint a person to take charge of the property if the bank wishes to obtain rents from your property;
- Insure your property against fire and other fortuitous accidents, and
- Refuse to allow you to redeem the mortgage of another property if you have mortgaged more than one property.
|
