. But I don't know what happens if something should happen to the
real estate which is not covered by insurance.(or property tax bill
not paid).. I can assume that the banks are on the safe side in any
case and the mortgage holder (real estate owner) is eventually just
out of luck... but I don't know at all.
There is a saying "can't get blood out of a turnip"
Yes of course, in a case like that the property owner WOULD still owe.
But the holder of the mortgage would be out of luck trying to collect.
That property was the security for the loan, and now it is gone (burned
up or seized by the state). Before, if the property owner failed to pay,
the mortgage holder could "foreclose" == have the property seized and
sold at auction to pay off that mortgage.
There are of course lots of possibilities. I don't know Swiss law. Maybe
the mortgage holder takes out insurance (against the property owner
letting insurance lapse) and that is figured into mortgage interest
rates. Maybe the state claim for unpaid tax tax bills do not have
precedence over the mortgage obligation.
Michael D Novack
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