Rus Articles Journal

“Well, not a shmagla I, not a shmagla...“

What to do if there is no more opportunity to pay on a mortgage loan?

When all stages of the mortgage transaction are passed by

and you joyfully live in the acquired apartment: there can be circumstances that to pay on a mortgage loan becomes impossible.

we Will consider various options of a solution in case of a default of a financial condition of the borrower.

If discharged from office

the Mortgage loan - the long-term type of bank crediting calculated on average for 10 - 20 years and, naturally, differently there can be circumstances for so long period. If the mortgage borrower had a difficult life situation (dismissal from work, for example), it is necessary to address first of all to bank - the pawnbroker of the apartment and to explain a situation, having written the application for a delay of payment of payments. After consideration of the application of bank by credit committee the decision - to suspend payments till 2 - 3 months is most often made. Thus, the borrower of bank has an opportunity to find the new place of work and to resume monthly payments for the credit. Banks seldom refuse this request to the client - to them easier to suspend payments, than to begin process of realization of object of pledge. Therefore it is better for borrower to ask before receiving the credit the employee of bank - whether they have such practice of “suspension“ and as they will treat such request.

If decided to sell to

the apartment

In case the borrower decides that he does not want to pay more on the credit or just wishes to sell the put apartment, first of all it is necessary to get for it permission of bank and to stipulate terms of transaction to which the bank for sale of a mortgaged property will go.

As a rule, banks do not object to voluntary sale of the put apartment, naturally, on condition of repayment of the credit.

Options of repayment of the credit
  1. at the time of the transaction (sale of the put apartment) money of the buyer is displayed by

    in two cells. On a registration result money from one cell (the credit and percent on it) is taken away by the employee of bank, and from another (a difference between the initial and sold cost) the seller, now former, the borrower takes away.

  2. If the bank does not agree to the above described conditions and the seller of the put apartment looks for the buyer who will be ready to repay the loan and to place money in cash desk of bank, and to put a difference from the stipulated selling cost of the apartment in depositary on usual conditions of purchase and sale of the apartment.
But in this case should be

ready to the fact that on such conditions it is necessary to find the buyer, having designated the cost of the apartment is lower than market. Thus, when all procedures are taken place, the bank will have to write the missive - the notice to Head department of Federal registration service across Moscow that the loan is repaid, the bank has no claims and does not object to removal of pledge and sale of the apartment. In the contract of purchase and sale of the apartment it will be designated that at the time of the transaction the apartment is under pledge in concrete bank, but on the basis of the above-stated notification of bank pledge is removed, and the property right passes to the buyer as uncharged.


to Malicious defaulters it is devoted...

also the option of realization of housing in case the borrower does not pay on the credit Exists and does not address to bank with desire of realization of the put apartment. In this case the bank sends the formal notice to the borrower about obligatory early repayment of the credit in case of which dissatisfaction the pawnbroker will be forced to realize the apartment in a judicial proceeding according to the law.

After pronouncement by court of the decision on realization of a mortgaged property from the auction business joins bailiffs who describe the property which is in the apartment move the borrower, and the apartment arrives on realization from the auction.

during this process the borrower can voluntarily take out things, and also itself to participate in auction. Before auction selling the apartment begins, its starting cost is designated and the announcement of holding the auction is published in the open press. Won at auction will become the owner of the apartment only after: the state registration of transition of the property right, payment of the credit and costs to bank and if it is necessary, a difference for the former owner of the apartment.

Of course, in practice all this is quite difficult: it is difficult to write out the registered people if the apartment is the only place of residence of the borrower. But all these moments will be already considered by court before decision.

P. S. If the borrower cannot or just does not want to pay more on the credit, council - not to be afraid and not to disappear, and to report about the decision to specialists of bank.