Mortgage loan on the security of
Giving out a mortgage loan, the bank level with the borrower gets some threats. For this reason all bank organizations, specializing mortgage lending, make out pledge in the form of acquired or already available housing of the borrower. In that case real estate realize on account of repayment of a duty of the borrower. But happens and so that proceeds from realization not completely cover debt of the borrower. Finally the client loses the apartment, and remains still owes bank. But it is necessary to behold that such situations meet enough from time to time.
The bank decides to embody pledge seldom or never and generally proceeds enough for compensation of all debt. Usually, clients without the aid of others address in bank during some difficulties and demand about credit vacation or restructuring of own duty. Some borrowers do not wish to wait, when debts and consequently expose the acquired real estate on sale will collect. Well, generally, situations with residual debt is an exception, rather than a rule. Emergence of such force-majeur situations is preceded by crisis, market falling, absence of work, lack of a big initial contribution, unstable behavior of an exchange rate of the credit or other preconditions. It becomes frequent the precondition of such troubles and the client of bank. Instead of addressing in bank and to ask to restructure the credit, the client sits to the last and waits, when the situation will be settled in itself, thus exhausting itself in big debts. Or the client so liked the new dwelling that he to the last does not wish to leave it. Naturally, to rush in an extreme after all it is not necessary, and sale of the acquired real estate will be the best option in such situation to avoid troubles in the forthcoming. There is one more very printsipny moment.
Not so long since in the Russian legislation the amendment which says was adopted that in case of apartment realization by bank the duty of the borrower is repaid completely even if the realized sum does not suffice for a full covering of a duty. At such aspects, naturally, to the client full benefit is provided, but this condition does not provide complete protection against debts. The credit organization can not select real estate of the client, and simply compels the borrower to embody it most. As realizes the apartment not bank, respectively, about automatic repayment of a duty speech does not go.