Can the bank take the apartment ?

Can the bank take the apartment ?

Recently, when the global financial crisis has become even more to gain momentum, the cases where the bank takes the apartment for the debts.Banking institutions are not eager to carry out the procedure foreclosure of collateral.This is a necessary measure.In this regard, before taking a loan, many are beginning to wonder whether the bank may take an apartment, and when he has the right to carry out this procedure.

mortgage Implementation

By implementing the mortgage banks of last resort.This occurs when a borrower can not be achieved by any signs of the desire to fulfill their obligations.If the bank does not help any notice to contact the customer in order to renew the contract until the rising and delay penalties, there remains only one way to cover the costs.This solution is the implementation of the property.According to the law on the mortgage for 30 days prior to the forced to collect the property, the bank must notify the borrower.Thus, the borrower has some time to resolve the contractu

al breach.Initially, the lender may require the borrower to early repayment, and only after that he can send a request to recover.Selling property to the highest bidder, the borrower has the right to return to the apartment, if it is able to pay the required amount to be financed, taking into account all bank charges.

property foreclosure procedure

In the case when the bank chooses an apartment, you need to know one more important point.The fact that the procedure for recovery is absolutely not the same eviction.In order for the bank was able to evict you from the apartment it will need to go to court again.Since then, the bank began to demand the eviction, the borrower will have a month, during which he will be able to review the housing problems.

Challenging the court decision

During the trial, in the first stage, the borrower may challenge the cost of the apartment and not to sign the agreement on its sale.He has the right to apply for forensic examination in order to assess the true cost of an apartment with a view of the growing demand for real estate.The borrower has resorted to a variety of methods to stay with the apartment.One of such methods include - residence of their minor child.In such a case, the law will protect the rights of the minor child, and no one will be able to evict him and deprive amenities and safety until they reach adulthood.Typically, the bank is trying to protect themselves from all sides, and the time prescribed in the contract that the borrower agrees not to register their children in the collateral apartment.However, depending on the specific circumstances of the moment it can be challenged in court.Caught in a situation when the apartment for the debts of the bank must be charged in favor of debt repayment, the best solution would be for the borrower - to renegotiate a mortgage with the bank, which will offer a compromise solution acceptable to both sides, both the borrower and the lender.