If you keep paying the mortgage every month, I would think they have no right to do anything until the term is up.
Posted by
Subversive (aka Subversive)
Feb 20 '09, 13:48
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But that's what I'm asking.
Suppose you buy a house for $100,000, putting down 5%, on a 5 year mortgage term. In 1 year, you still owe approx $93,500 (just a guess), but property values have dropped. If your house is now only reasonably worth $75,000, does the bank have any right to do anything, assuming you've never missed or been late on a payment?
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