Jim Walsh (Fianna Fail)

When taking possession of a property as a result of a failure on the part of the mortgagee to meet the mortgage, I cannot discern the presence of an obligation on mortgagors to maximise the value of properties. Often, their sole interest is to recover the mortgage. However, there may be a residual value in excess of the mortgage that should accrue to the defaulting mortgagee in such circumstances. I do not see such an obligation in the section although there should be one somewhere in law.