The apartment is mortgaged
Just recently, with anxiety and worry, the apartment was chosen, then the mortgage bank. It all worked out! A happy family moves into their own home. Some time passes, and, due to unforeseen circumstances, the apartment is no longer satisfied. It's a small area, or, on the contrary, an extra one. Poorly chosen location (far from work, for example) or, the most unpleasant option, the loss of the opportunity to timely and fully repay the loan. If the apartment had not been pledged in the bank, it could have been sold or exchanged. And what happens if you have to pay the mortgage for more than one more year? The problem has to be solved now.
And it's solvable! At present, selling an apartment purchased under a mortgage is quite problematic, but there are precedents.
The main reasons for selling mortgages
Let's start with the most unpleasant situation, when the financial situation of the borrower has deteriorated so much that it is simply unable to continue monthly payments. In this case, if the situation with the bank cannot be resolved in any way, there is a threat of being left without an apartment. It is necessary not to wait for the complete collapse, but to go to the bank. Perhaps the bank has applicants interested in buying a house. Then the seller has a chance to get the difference between the value of the apartment and the outstanding balances on the mortgage. It's harder if the buyer has to look for himself.
There's been a change in the family composition. Housing has become tight, and waiting for the transition to full ownership of the apartment (repayment of the loan) is still very long. Monthly payments are possible. It would be desirable to become the owner of another, bigger and better apartment and, again, preferably on the mortgage. Here a complicated procedure of reissuance of loan agreements can not be avoided.
Mortgage housing is inherited, so the heir will have to repay the remaining amount, but he is not interested in square meters, and in money. There will also be work to settle all issues.
However, there are two things that need to be done before the actions aimed at the mandatory sale of housing. One: ask the real estate agency (or better yet several), at what price to actually sell the apartment. Second: find out from the bank whether he will agree, in case the buyer wants to continue paying the mortgage, to see him as a borrower in your place or insist on a lump sum repayment of the loan.
How can I sell my apartment if the mortgage has not been repaid?
First of all, you must get the bank's consent to sell the apartment. There's no way without it. This necessity is explained quite simply. No mortgaged property can be sold or exchanged without the consent of the mortgagee. As a rule, the bank meets the requirements. But the buyer will most likely have to look for a buyer himself. There are not many people willing to buy a mortgage apartment. And it's not even about the cost, the buyer is afraid of trouble with registration. Therefore, the amount of assessment of such housing has to be somewhat understated.
The key point, which should be remembered by the seller of the apartment, burdened by the mortgage - can not bypass the bank, there are clearly stand on the protection of their interests. Perhaps the only option to get rid of the sale of negotiations with bank officials - is to get from the buyer a deposit sufficient to fully repay the mortgage loan, and to deposit it into the account. After that you can do whatever you want with the apartment, because the seller now becomes its full owner. Before signing the purchase and sale agreement.
If the customer has been paying his la rosa villanova contributions for several years, as a rule, the bank will go to his meeting and let him sell the apartment, which is actually a pledged property, to another person who prefers to continue paying the mortgage. In this development, the yas acres bank must not only agree that the payments will be made by another person, but also check the creditworthiness of that person. Such procedure will take some time.
However, it is more profitable for the seller to find a buyer who will pay the full price of the apartment, then he will have the money to buy or at least rent a house.
All stages of selling the apartment are the same as when the owner sells it, except that the bank in such a transaction acts as a third, additional party. Simply a mortal, conducting such a deal for the first time, will have dubai penthouses to spend a lot of nerves: unexpected obstacles may occur at any of the stages. Both at the start of the campaign to sell the mortgage apartment, and in the process. Everything will have to be considered several times, to seek advice from lawyers, bankers and realtors. A normal person can just get confused and... and spit on the deal until better times.
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