- 18 Marks
PBL – APR 2014 – L1 – Q6 – Default and Remedies under Home Mortgage Finance Act
Scenario of a borrower failing to pay an installment on a home mortgage loan under Act 770; queries on steps the bank should take, when default occurs, and remedies available to the bank.
Question
KB borrowed GHS50,000.00 from XYZ Bank Limited (under the Home Mortgage Finance Act, 2008 (Act 770)) to enable him to complete his residential property. KB has failed to make an instalment payment on a due date.
A) What steps should the bank take and when will KB be considered to be in default?
B) What remedies are available to XYZ Bank upon KB’s default?
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