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mortgage with bust bank
runnerpaul
Posts: 4 Newbie
If you have a mortgage or debt with a bank and the bank goes bust would you have to pay the remainder to anybody?
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Comments
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When an entity goes "bust" they go bankrupt - all of their assets are liquidated to cover their debts. They'll owe a bunch of other entities, and so anything and everything from office furniture to equity holdings will be sold to pay off what they owe.
Your mortgage is an asset. It's an agreement to pay £xxx over a number of years. Someone else would be very happy to buy it, particularly if it's sold at a discounted rate. The only thing you'll notice is that you'll get a letter saying, "We now own your mortgage. Please send your payments to us from now on.":beer:0
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