What if there is nothing to pay on the mortgage? Description, recommendations and problem solving
Unfortunately, most people who make outmortgage, do not think about the fact that they can get sick, lose their jobs or get into some difficult situations. As a rule, problems with solvency arise not because of global or intra-state economic problems, but because borrowers are not able to correctly calculate their own forces. As a result, many of them after a few years begin to understand that there is nothing to pay a mortgage (mortgage loan). What to doin such cases, you will learn by reading this article.
What are the risks of non-payment of a loan?
It's not a secret for anyone that you get a loanThe real estate remains in the mortgage at the bank institution before the full payment of the debt. In case of non-payment of mandatory monthly payments, the bank has the right to sell the property and withdraw the proceeds in payment of the debt.
Those who are interested in what to do, if there is nothing to pay for a mortgage,should understand that their apartment can beis implemented at a greatly understated price. Therefore, very often the proceeds from the sale do not fully cover the loan. As a result, the borrower runs the risk of remaining not only without a roof over his head, but also with impressive debts to the bank. In addition, he is also deprived of the amount that was paid on the loan earlier. Therefore, the first measures should be taken as soon as the borrower begins to understand that there is nothing to pay a mortgage.
What can I do to stay with nothing?
The worst thing a person can do,in a similar situation, this is a refusal to pay debts. The first thing the bank will do is include the so-called penalties. This is fraught with the fact that debts will begin to grow at a catastrophic rate. After that, some institutions begin to psychologically influence the borrower. In the course are phone calls and letters with a reminder of the possible ships. Those who are interested in what to do, if there is nothing to pay on the loan,It is necessary to be prepared for the fact that in the case ofnon-payment, the bank initiates a court proceeding. And its final chord will be selling an apartment through an auction. Even if young people are registered in the mortgage housing, bank lawyers will find ways to collect their money. Therefore, in order not to remain without an apartment and with huge debts to the bank, it is necessary to look for ways to solve this problem.
Option one: restructuring
In recent years, many borrowers have become nothingpay a mortgage to Sberbank. What to do in such a situation, a specialist who understands these issues will prompt a consultation. One of the possible solutions to this problem may be debt restructuring. If a person has incorrectly calculated the credit load or just lost his job, sooner or later he will understand that he has nowhere to take money to make the next payment.
"If there is nothing to pay a mortgage, then what to do?"- Many debtors are interested. In this case, you need to contact the bank. As a rule, modern credit institutions willingly make concessions and often suggest restructuring the debt. In other words, the borrower is offered to reduce the amount of the mandatory monthly payment, distributing it for a longer period. This option is beneficial not only to debtors, but also to banks that want to return their money. In order to receive restructuring, it is necessary to file a corresponding application with the banking office. If everything is in order, the debtor will be asked to draw up and sign a new repayment schedule for the loan. Under the schedule must necessarily be seals and signatures of authorized representatives of the institution.
Option two: insurance
Those who care what to do, if there is nothing to pay for a mortgage,it is worth remembering the existence of insurance. You need to carefully read its contents. In most cases, insurance companies are willing to pay bank debts if the borrower has lost efficiency due to some disease or injury or if he suddenly lost his job.
To receive payment, you have to collectnecessary documentation. Depending on the situation, insurers may require a medical certificate confirming the presence of health problems, or a notarized copy of the work record with a record of dismissal with the corresponding order of the former employer. It should be understood that they are not responsible if the insured person herself has injured herself or received them while in a state of intoxication.
Option Three: Finding a Compromise with the Bank
Those who do not know what to do, if there is nothing to pay for a mortgage,It is necessary to understand that bank employeesalmost every day faced with a similar problem. Therefore, the debtor should discard the embarrassment and go to the bank in search of a compromise. It is not excluded that the financial institution will agree to grant a deferral of payments or allow only the principal amount of debt to be paid. The main thing that the borrower had a valid, valid reason, which can be the birth of a baby, a sudden illness or a serious financial situation.
Option Four: Waiting for Judgment
If a person who does not know what to do, if there is nothing to pay for a mortgage,really serious financial difficulties,then you can recommend waiting for the trial. This option is most beneficial for the defaulter, because no court will force him to pay the fined fines and penalties, the amounts of which significantly exceed the size of the principal debt. In addition, the debtor will have the opportunity to legally agree on installments of payment, and sometimes sign the world.
If there is a pledged asset, the bank hasthe right to demand that the recovery be paid to him. If the debtor has previously made payments, the principal amount will be given to the bank, and the borrower will receive surplus. At the same time, it should be understood that the bailiffs will implement the collateral. As a rule, it is sold at a greatly understated price.
Option five: on-lending
Those who can not decide what to do, if there is nothing to pay on the mortgage,You can recommend trying to agree onon-lending in another bank. Especially it is convenient for those who are sure that in the near future he will receive a large amount, which can be transferred to pay the debt. Most credit cards have a grace period, during which no accrual of interest occurs. In this case, you can save a lot. However, this option has several drawbacks. So, some banks accrue commission not only for issuing a card, but also for its maintenance.
Option Six: attentive reading of the loan agreement
Bank employees are also people who sometimescan make mistakes. Therefore, we recommend that all borrowers who are in a difficult situation, carefully read the contents of the contract. If the bank resell the collection office, then it is necessary to check whether the debtor has consent to the transfer of data to a third party. In the event of his absence, the bank had no right to transfer information about the borrower to unauthorized persons. Consequently, by such actions he violates the law that protects personal data, and the debtor can be discharged from a third party.
The second point to be reversedspecial attention, it is not whether the interest rate has been unilaterally raised. In addition, there are many other important nuances that can be noticed only by a qualified lawyer. Therefore, you should definitely consult with a specialist.
Seventh option: leasing real estate for rent
Despite the fact that this method allows you to significantly reduce the credit burden on the family budget, it is suitable for those debtors who have alternative housing.
You can also use this recommendation,if the loan was bought a spacious apartment, located in an elite district of the city. In this case, even those who do not have other housing can lease it. You can just rent a smaller apartment in a more remote area. And the difference can be transferred to the mandatory monthly payments on the mortgage. Of course, this method has several significant drawbacks. One of them can be considered psychological discomfort from the realization that absolutely other people will live in your apartment. In addition, it is necessary to take into account the fact that housing can be empty for some time. After all, few people manage to rent an apartment for a long period. Do not forget that the rental price should be in the currency in which the mortgage is taken. In this case, the borrower will not have to lose money because of the difference in the rate.