- 20 Marks
PBL – APR 2016 – L1 – Q7 – Mortgages and Recovery Options
Explain second and sub-mortgages, and options for bank to recover defaulted loan secured by house, with recommendation
Question
a. Explain the following i. A second mortgage [5 Marks] ii. A sub-mortgage [5 Marks]
b. A borrowed GHS60000.00 from XYZ Bank Limited secured with his house at East Legon. A has defaulted in the payment of the money. What options are available to the bank and which would you recommend to the bank for the recovery of its money?
Find Related Questions by Tags, levels, etc.
- Tags: econd Mortgage, Loan Default, Recovery Methods, sub-mortgage
- Level: Level 1
- Topic: Property and its Uses as Security
- Series: APRIL 2016
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