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Mortgage question - what happens if banks fold?

Mortgage question - what happens if banks fold?

Old Oct 26th 2008, 10:03 am
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Default Re: Mortgage question - what happens if banks fold?

Originally Posted by comet555
I'm not overly concerned about the banks folding, so this is more of a hypothetical question.

If a bank were to go under, what happens to all the people who hold mortgages with them? Would it matter how much of your house is paid off? We currently own just over half of our house, the bank so to speak owns the rest.

Just curious as to what would happen in those circumstances. I know at the moment the money in your bank account has been 'covered' by the government just recently. I'm just not sure if that would apply to mortgages as well.
Research what happened to the customers of Northern Rock in the UK where this happened just a few months ago.
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