Planetarion Forums - View Single Post - what would happen if your mortgage lender went under?

milo · 13 Mar 2007, 23:31

The property just underwrites a loan thats taken out, as nod says the bank doesn't own your house. If your property is suddenly worth 5% of what it was, but you keep up repayment i don't see what the problem is. They've got bad debts not you. The alternative would present a nightmarish scenario of unlimited liability in a similar manner to lloyd's names.

13 Mar 2007, 23:31	#3
milo Registered User Join Date: Feb 2006 Posts: 1,094	Re: what would happen if your mortgage lender went under? The property just underwrites a loan thats taken out, as nod says the bank doesn't own your house. If your property is suddenly worth 5% of what it was, but you keep up repayment i don't see what the problem is. They've got bad debts not you. The alternative would present a nightmarish scenario of unlimited liability in a similar manner to lloyd's names. __________________ boobs