Property and its Uses as Security

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?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Act 770, Banking Loans, Borrower Default, Default, Home Mortgage Finance Act, Mortgage Security, Property Security, Remedies
Level: Level 1

Topic: Property and its Uses as Security
Series: APRIL 2014

Topic: Property and its Uses as Security

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

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.

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.

Our offerings

Contact Info

Customer

Get In Touch

Topic: Property and its Uses as Security

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

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.

You're reporting an error for "PBL – APR 2014 – L1 – Q6 – Default and Remedies under Home Mortgage Finance Act"

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.

You're reporting an error for "PBL – APR 2014 – L1 – Q6 – Default and Remedies under Home Mortgage Finance Act"

Our offerings

Contact Info

Customer

Get In Touch

admin

Pick a Form