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If a mortgage is held over property the mortgagee can take possession of the property if you default If they don't have a mortgage they may be able to take other property owned by a longer drawn out process. But there is flexibility and time. In my example above if the person didn't cross...

I have! A mortgage broker cross 2 houses. Had a heart attack, wife left, son's business failed, so he sold a property. Contracts exchanged, but near settlement he found out bank would not release security because prices had dropped. sale fell through. The money he was relying on from the sale...

Of course the bank will pursue you for the remainder of any debt, including legal fees. Your other properties can be sold and the proceeds after paying out the first mortgage used to pay your debt to the first bank. Worst case, you lose everything and become bankrupt