In this case the bank will repossess the property.
When the debtor is unable to repay the loan or cannot bear the repayment responsibility, the bank or the court will sell the property mortgaged by the debtor to the bank through a public auction because the bank or the court needs to pass a fair process. Recover the remaining loans through bidding and dispose of them.
The actual price of this type of property auction is basically lower than the mortgage loan price. During the property auction process, if no one bids, the bank will usually repossess the property as a failed auction. Unsuccessful auction means that the property has not been sold, so the bank needs to continue to hold the property and may consider other treatment methods, such as re-auction, renting or retaining it.