but this latest one is a finance company who has gone bust, it is the receivers trying to get the loan paid back, they want it now , not after they have got rid of the company.
p.s. i am no financial expert but am sure that is how it works, if i am wrong anyone can feel free to correct me
"FM Custodians is trying to claw back the remaining $5 million owed on some $6.8 million of loans personally guaranteed by Serepisos. The outstanding balance is accruing annual interest of 17.25%.
The lender has already forced mortgagee sales on several properties and expects there may be a shortfall in excess of $2.3 million, the May judgement said."
I take it from this that the loans are due, as well as interest, either because the term has expired, or because the interest payments are in default and the loan can be called back in under the terms.
If you have a mortgage and are keeping to the terms, there is no obligation to be forced to sell property and repay the loan, unless the terms in the mortgage were such that the lender could demand repayment at any time of its chosing, but who would agree to a deal like that.