> If you don't pay, the property will be taken off you, and probably valued at a high valuation which would contradict the assumptions that lead to the decisio

> If you don't pay, the property will be taken off you, and probably valued at a high valuation which would contradict the assumptions that lead to the decision not to pay. Therefore, i suspect that the (half-completed) property would indeed be worthless (even to the bank), and is not a suitable form of collateral to recover any debt from. It might be the case where the bank eats the loss - or those who stopped paying the mortgage would be forced to pay (unlikely if this is a widespread issue as it causes social unrest). My prediction is that the state owned banks would eat the loss, and wait out the confidence crisis - which might take 10 yrs - but then real estate will resume as before as a form of investment (and the cycle begins again).