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northern numpty

Is It Possible For A Bank To Go Bust......

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Im so thick you would not believe(or maybe you would grrrr), but if a bank were to go bust,say NR....what happens to all the mortgagees......are these taken as assets to a liquidation company.....and if so are the folk able to refuse terms and conditions to a new company that holds your title deeds to be ?

Yes there are brighter days in December than me :angry:

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Guest Charlie The Tramp
Im so thick you would not believe(or maybe you would grrrr), but if a bank were to go bust,say NR....what happens to all the mortgagees......are these taken as assets to a liquidation company.....and if so are the folk able to refuse terms and conditions to a new company that holds your title deeds to be ?

Yes there are brighter days in December than me :angry:

The mortgage deeds may have already been sold off to Mr Wong in Shanghai.

On a serious note, as all the Banks are now in it together they will jointly act to prevent it, or put in place a rescue package. ( Cue ING ). After all it`s in their best interests, as one going bust finito would have serious consequences for the Banking Industry. It could also create some panic among their customers and they don`t want an Argentinian rush of investors to withdraw their money.

Don`t worry your money and deeds are quite safe.

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Im so thick you would not believe(or maybe you would grrrr), but if a bank were to go bust,say NR....what happens to all the mortgagees......are these taken as assets to a liquidation company.....and if so are the folk able to refuse terms and conditions to a new company that holds your title deeds to be ?

Yes there are brighter days in December than me :angry:

Your contract is with whoever you got your mortgage from and can't be changed just because the company goes bust. It depends on the exact terms of your mortgage as to what might happen. The absolute worst that can happen is that the receivers of the company demand immediate payment in full of the mortgage and you have to go and get another one. The most likely outcome is that nothing happens because some other big bank takes over the business.

Having said that, all the big mortgage lenders in the UK are also banks and so are extremely unlikely to actually go bust.

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