Question Tag: Second mortgage

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  • 13 Marks

PBL – APR 2016 – L1 – Q7 – Mortgages and Default Recovery

Explain second mortgage and sub-mortgage; outline options for a bank to recover a defaulted GHS600,000 loan secured by a house and recommend one.

(a) Explain the following I. A second mortgage                                                                                                                                                            ii. A sub-mortgage                                                                                                                                                                                                             (b) A borrowed GHS600,000.00 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?

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  • 13 Marks

PBL – APR 2016 – L1 – Q7 – Mortgages and Default Recovery

Explain second mortgage and sub-mortgage; outline options for a bank to recover a defaulted GHS600,000 loan secured by a house and recommend one.

(a) Explain the following I. A second mortgage                                                                                                                                                            ii. A sub-mortgage                                                                                                                                                                                                             (b) A borrowed GHS600,000.00 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?

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