Quote:
Originally Posted by hayseed
It's called non monetary default There was a whole session concerning It recently in the Banking Royal commission currently underway.
It's a very common clause in nearly every Business Loan.
A Queensland farmer was actually given His farm back. After a fight of course..
https://www.smh.com.au/business/bank...26-p4zns8.html |
That was a business loan for a farm, which included his house. However, even in that situatuion, the outcome was that the bank had to hand back the farm.
We’re talking about mortgages on private dwellings and the statement further back in this thread that put forward a hypothetical situation where house prices may fall in the future and banks could reposses houses when the LVR falls. They cannot.