Kambalanick
JF-Expert Member
- Dec 4, 2014
- 1,157
- 1,042
A mortgage requires that the property is used as the collateral, in this case if we default on our loan payment, we are penalized by being fined some amount of money.Let me give you an example, labda hii itasaidia. You walk into the bank, ask for mortgage, they approve it, the bank pay's the seller, you move into your new shinny house and life is good. But is that house really yours or it will be your after you finalise the last payment owed to the bank? Why there were no bidding, because the Chinese wanted to guaranteed themselves that they've their cake and eat it.