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Miscellaneous

 

Written by:

Victor G

 

Date added:

October 7, 2015

 

Level:

University

 

Grade:

B

 

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3 / 758

 

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When rates rise steeply, one likely result is an increase in the number of mortgagors who cannot afford to make their monthly payments under the mortgage agreement and who fall into arrears. If this happens, in time, unless the agreement is renegotiated, the mortgagee may choose to exercise its right to take possession of the property (repossession), with a view to selling it and recovering all monies outstanding under the mortgage agreement; any amount the sale raises above that which is owed to the mortgagee belongs to the mortgagor...
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If this happens, in time, unless the agreement is renegotiated, the mortgagee may choose to exercise its right to take possession of the property (repossession), with a view to selling it and recovering all monies outstanding under the mortgage agreement; any amount the sale raises above that which is owed to the mortgagee belongs to the mortgagor...
displayed 300 characters

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