B
brains
Guest
Hi all
I was chatting with a non property investing friend of mine yesterday (the type that says "its all too risky, i should have no debt whatsoever")
Anyway, he was telling me about the property market in Canada a few years back had absolutely collapsed, like properties halved in value over a couple of years for some reason. Then asked me if the same happened here, would the bank foreclose on the loan, even if servicing the loan was no problem, would the fact that the bank's security is worth a lot less than the loan be enough of a reason for the bank to want to discontinue the loan. I replied that i didnt have a clue but i'll put it on the forum and see if some property gurus know the answer. (Not that a property collapse happen here, its still an interesting question)
Thanks
I was chatting with a non property investing friend of mine yesterday (the type that says "its all too risky, i should have no debt whatsoever")
Anyway, he was telling me about the property market in Canada a few years back had absolutely collapsed, like properties halved in value over a couple of years for some reason. Then asked me if the same happened here, would the bank foreclose on the loan, even if servicing the loan was no problem, would the fact that the bank's security is worth a lot less than the loan be enough of a reason for the bank to want to discontinue the loan. I replied that i didnt have a clue but i'll put it on the forum and see if some property gurus know the answer. (Not that a property collapse happen here, its still an interesting question)
Thanks