Yes and thats a real quandry!
I was sent a property by an owner who wanted to sell it as cant afford the payments. Looking into it theres no lfo so cant be sold – he is going to let the bank have it and what then? How can they concevably come after someone when they cant sell a property they should not have lent on in the fist place – and come after them for how much – if you cant sell it, you cant tell how much to go after the person for!!!!!!!!!!! 😯
I also heard that debts can be sold across borders, and this may be the way the banks will go – at some stage!
The bankruptcy courts are going to be full meethinks!