Anyone can get into an unpleasant situation. For example, lose your job or lose another source of income. The story becomes quite sad, if you are “hanging” a mortgage and you simply cannot repay the loan. In this case, you can simply lose your apartment.
Imagine the situation. The person left the repayment schedule. The Bank perceives what is happening as a settlement of arrears. In a financial institution are interested in deducing the borrower to a certain level of payments.
In different banks it is different, but it boils down to one – the borrower is offered different programs. For example, installment or deferred payment, refinancing. The essential steps are taken from the mortgage broker Geelong .
The volume of such programs is diverse, and the borrower should in no case be clamped. We need to come to the bank and explain the situation.
Do not underestimate the mortgage insurance. Due to it, you can reduce the risks associated with buying a home. For example, an insurance company can pay the balance of the cost of housing, if the borrower loses his ability to work. Individual types of insurance become effective even in case of job loss, but they are already more expensive.
– A debtor can start selling his property on his own. This excludes the collection of the executive fee, the cost of property valuation. Plus, the borrower will be able to independently determine the contract value, the bailiff continued.
According to the bailiff, debtors do not need to shut themselves in
- If there is no room for refinancing, the bank will go to court. Accordingly, here begins the second stage. Mortgage housing is subject to security of the transaction, therefore the financial company has the right to satisfy its demand.
- It is important to understand that a mortgage is a long process. For five to ten-fifteen years the price of an apartment can change. Therefore, in court it is necessary to declare the actualization of the value at which the property will be sold, – explained the officer.
As a rule, the trial lasts for several months. If the decision enters into legal force, the bank applies to the bailiff service. Here begins the second stage.
The employee of the service comes to the location of real estate, seizes, conducts an inventory, collects the necessary documents and transfers the living space to a forced sale.
Contrary to popular belief, bailiffs do not trade arrested people. This issue is handled by a separate service – the Federal Property Management Agency.