What can be done with the pledge
Posted on Sep 30, 2000 08:15:27 AM
By law, the acquired property right should be in the borrower’s property. The apartment is purchased in a loan secured by real estate becomes the property of the borrower and the pledge in a bank to provide a guarantee of loan repayment for the purchase of housing. If for any reason, the borrower refuses to fulfill the conditions for repayment, and this case will not be insured, the bank has every right to sell the house, and to regain the money that the borrower was owed him.
Until you repay the loan, you may not assign the rights to the apartment to others. You can sign a preliminary contract of assignment of claims pursuant to which you contribute part of the price, which is the size of the outstanding loan. You extinguish the loan at the bank, remove encumbrances and is the main contract of assignment for which you dovnosyat the remainder of the funds.
In the mortgage apartment can prescribe relatives. You can bequeath it to anyone, not even interested in the opinion of the bank. You can inherit, and get the privilege of paying all the debts of the one who left you the inheritance (if the death of the borrower is found to be an insurance case, the heirs do not have to pay anything – all the losses the bank will cover the insurance company).
Also, it is theoretically possible apartment bought under the mortgage to lay a second time. This will be a secondary mortgage, because apartment is already pledged to the bank issuing the mortgage loan. First, you need the consent of the creditor bank that issued the mortgage loan, and secondly, the big question, would the other bank or other institution to become the second lender in the queue, if the borrower can not repay their obligations.
Redesign flat is possible, but only with the consent of the bank and considering a number of conditions. Each bank’s requirements for their mortgage apartments.
- What is mortgage insurance
- Basic mistakes and errors when taking a mortgage
- Mortgage loans for new buildings
- Problems associated with the mortgage
- What is the system of lending