bnaks going pop

[Rob_T]

so what happens to a personal mortgage if the bank that lends the money goes pop?

who owns the house?

is there a cut off point in terms of ownership? if the loan is 90% then the answer is simple

if the loan is 10% is the answer as straightforward? what about 5%, or 2% or indeed 1%?

[andy400]

What's a 'bnak'?

Is it of the Gnu family?

[HundredthIdiot]

Rob_T said:

so what happens to a personal mortgage if the bank that lends the money goes pop?

who owns the house?

Whoever buys the mortgage, presumably.

[VetteG]

andy400 said:

What's a 'bnak'?

Is it of the Gnu family?

I thought it was a new breakfast cerial!

G

[LeeME3]

The 'debt' gets bought by somebody else and now you owe them instead.

Sort of reverse of how people who saved with Bradford and Bingley now save with Santander whether they liked it or not.

I think.

[Andy Zarse]

andy400 said:

What's a 'bnak'?

Is it of the Gnu family?

How do you do!



My bnaks went pop, the doctor said I can't have children anymore.

[scotal]

Rob_T said:

so what happens to a personal mortgage if the bank that lends the money goes pop?

The Mortgage will be an asset of the bank, it will be sold on.

Rob_T said:

who owns the house?

You do, as long as you keep the repayments up on the mortgage.

Rob_T said:

is there a cut off point in terms of ownership? if the loan is 90% then the answer is simple

if the loan is 10% is the answer as straightforward? what about 5%, or 2% or indeed 1%?

No.