hometagsloginregister

Ready to Participate?
Ready to Participate?
Get Started!
Log In

how can a property be repossed if owner has paid of mortgage
but same account number on different address
asked in property legal



Maygs answers:

If a substancial amount of money is owed and the person has no other property to pay it back.


/ reply

siasl74 answers:

If a person has a mortgage on another property, and has defaulted on that mortgage, I suspect the loan owner (usually a bank) will only be able to seize the defaulted property - however they may be able to pursue them for the remainder of the debt if the auction of the defaulted property fails to cover the debt. I would expect courts to be involved, rather than an arbitrary seizure.

The person involved should seek legal advice - it may be that if all accounts are held with the same bank then that bank has every right to do this. I'm not sure


/ reply

Comments


No Comments