What would happen to someone's mortgage if say NZ was hit by a massive quake or a combination of natural disasters?
If major infrastructure nationally is affected, say over half the country is out of business etc, would they still recall your mortgage?
Who owns your property if the banking system is heavily impacted?
I mean this is obviously a very unlikely situation but not impossible.
Has anyone ever read the fine print around severe natural damage in a mortgage doc? Is there even any wording around such event?
thoughts?
If major infrastructure nationally is affected, say over half the country is out of business etc, would they still recall your mortgage?
Who owns your property if the banking system is heavily impacted?
I mean this is obviously a very unlikely situation but not impossible.
Has anyone ever read the fine print around severe natural damage in a mortgage doc? Is there even any wording around such event?
thoughts?
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