What if the mortgage company goes bust?
You have their money so you cannot lose it in the same way as if the company has yours. The title of the property is in your name and at all times you have legal ownership. The mortgagee has no right of claim to your property – unless of course you renege on your mortgage agreement. The only claim is on the money borrowed, not your property. Another financial institution may take over the defunct company or you may have the slight inconvenience and expense of refinancing elsewhere.
