There is a strong opinion that the apartment, taken out a mortgage, does not belong to the borrower and the bank, and, in the case of "force majeure" circumstances, the latter may ask the borrower to vacate living space. However, contrary to this popular belief, any bank can confirm that the borrower receives full ownership of the purchased housing, and only some of these rights are to some extent limited by the loan agreement entered into or the laws of Russian Federation.
If we consider the issue from a legal point of view, in this case, the answer given by one: the owner of "square meters" is only one person - the buyer. And as the borrower and the buyer appears, it means that he will be the owner and property. But, as mentioned above, the rights of the owner of apartment can be put into the framework, because the Federal Registration Service in parallel with registration rights records and security of real estate. In connection with this, the owner of the mortgage apartment can not sell it or exchanged for another without the permission of the bank. Apart from this restriction are taking place and others which are usually found in the agreement concluded with the bank.
Can the bank to sell the mortgage apartment?
Unfortunately, perhaps, but only if the borrower is unable to repay the debt on the mortgage. Experience has shown that many people taking mortgage apartments, faced with further payment, although at first they firmly believe that they could pull such a burden. Of course, they are malicious defaulters is not as desired, but the fact remains, however, banks have to take suitable measures.
After careful consideration of the loan agreement, we can see that the bank has every right to terminate the concluded agreement, if you type a specific number of missed payments. Sometimes a three monthly non-repayment, the bank put the "bullet" in collaboration with the borrower, but often he does not use this right, allowing a person who has taken a loan to fix the situation. However, if the borrower does not repay the debt within six months, the bank filed a lawsuit to foreclose on the mortgaged property.
There are also situations where a key role is not the absence of monthly payments plays in termination of the contract, and other violations committed in defiance of the mortgage agreement, but, fortunately, they are quite small. Most likely, the biggest reason can serve as a crude forgery, displaying information about the purchased property or the borrower's identity.
whether the borrower has the right to sell the mortgage apartment?
According to the agreement, can, but the banks to this are, to put it mildly negative, as their main benefits consist in getting interest that the borrower to overpay for the duration of the mortgage contract. And in this case, the bank lost profits, so the sale of the mortgage apartment and the early repayment of the loan does not appeal to him.
But sometimes the bank is interested in the sale of mortgage housing, if the borrower wants to move to a more comfortable dwelling house or apartment with more usable area. In this case, it takes a mortgage flats sold by the borrower, with the consent of the bank, and is followed by a new loan agreement, which involves the purchase of another mortgage housing, made out in a pledge. the debt balance of the loan the borrower is still obligated to pay out of the proceeds from the sale of the first apartment.
When changing conditions of the loan?
As mentioned above, the solvency of the borrower may falter due to various reasons, but in this case, he has a way out, which will allow him to avoid the stigma of dodgers and even to their advantage to get out of this situation. This yield is called the refinancing of the loan, which is to receive a new loan to pay off the old one, but on more favorable terms.
If the bank gives you the go-ahead, then the borrower can spend refinancing operation, without changing it. Sometimes, however, the lender does not agree to such a move, which makes the buyer of real estate mortgage to seek help from other banking institutions. As practice has shown, the second option is often a profitable first, because the conditions for obtaining and repayment of the loan from another lender may be more beneficial.
Safe and comfortable mortgage: is it possible?
Yes, probably, and all thanks to the insurance. Under current law, a mortgage borrower is obligated to insure the collateral from its loss or damage. And if the property is destroyed or comes into full uninhabitable, its customer has the right to rely on the payment of the credit balance of the loan at the expense of the insurance indemnity.
Every borrower knows that his ability to work and life may be in danger, so it is advisable to carry out insurance on these two criteria, to thereby secure and family comfortable and safe mortgage.