Mortgage Lending
Posted on Sep 29, 2000 08:15:27 AM
Mortgage – mortgage in order to obtain a loan in which the lender is entitled to retain the mortgaged property in case of nonpayment of debt. Mortgage lending is based on traditional principles: maturity, repayment, payment, special emphasis on its targeted nature, and Welfare.
Items mortgage – land, businesses, buildings and other immovable property used in business activity, homes, condos and parts of houses and apartments, villas, garden houses, garages and other buildings consumer goods, aircraft and marine vessels, inland navigation and commercial facilities.
These credit relationships are common in market economies. Because mortgage reduces the risk for both parties. The debtor receives a loan for a long period, has the ability to retain the mortgaged property without risking other assets. The lender receives a win-win compensation loan. Pledged assets can generate income: rent, used as a production facility, etc.
Debtor and creditor relationship depends on how you signed a mortgage agreement. In the Russian Federation found that the contract of mortgage must be notarized and be subject to state registration. The state registration of the mortgage contract is the basis for inclusion in the Unified State Register of rights to immovable property and transactions with a record of the mortgage. After the state registration of the mortgage agency re ¬ gistratsii original mortgagee is given a mortgage.
The mortgage is a registered security that certifies the right to receive performance of a monetary obligation secured by a mortgage without having to provide other evidence of this commitment, lien on property encumbered with a mortgage. It defines the rights and obligations of the parties, the provisions relating to violations of the terms of the loan, the size of the tax, insurance and other payments made by the borrower. It considers the process of sale and foreclosure, transfer of a mortgage to a third party.
The important point is to evaluate the property offered as collateral, since the calculations on the solvency of the debtor may not be met, then to repay the debt the bank will be forced to apply to the value of collateral. Principal amount of the secured mortgage obligation under the contract or mortgage should not exceed 70% of the market value of real estate serving the subject of mortgages.
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