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22-01-2013, 06:00 PM
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FF.Com.Au Hardcore
Join Date: Aug 2006
Location: Melbourne
Posts: 1,674
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This may sound like a question with an obvious answer, but when you default on your mortage repayments and the bank foreclose on the property and sell it, what do you actually owe the bank because obviously you have been paying mostly interest and not much principle, does the bank require you just pay the value of the loan? If the house sells for more than the value of the loan does the bank get the whole lot? I'm certain they do because the bank takes control of the property when the mortage defaults, what if you spent money on the property which influences the increase property value sale price for example you landscape, add a pergola?
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Mortage default question
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