What happens on having stopped paying the mortgage?
31.03.2008
To: What happens when we cannot pay the mortgage loan?
The process of non-payment of the mortgage is the following one, first of all the juridical consultancy of the financial institution, before the non-payment of between three and six quotas, and after having needed so that it is paid, it opens a procedure of mortgage execution. Namely he sends to the court a demand so that the loan contract breaks. An important detail is that there does not take place the claim of the monthly salaries that owe but the whole amount given and dependent on payment to an interest rate that can go so far as to patrol between 20 % and 25 % (according to the signed in the mortgage), as if it was a rapid credit.
Procedure of mortgage execution
This procedure of execution of mortgage is more rapid enough than that of sequestration of goods. It is not necessary to appeal an expert so that it appraises the value of the real estate. It is the one that gathers the mortgage loan and serves to auction effects.
The court goes to the bad debt that has admitted to step the demand of execution of mortgage. í‰ste it can carry a new payment request out. On having received the notification, it can be opposed, although in this type of executive judgments the causes that appear in the law to do it are to have already paid or to disagree with the quantity that requests the bank and little more. If until now the bank or box has gone of the hand of his lawyer and attorney - whose cost will pay entirely the bad debt - this one would not need to appeal these professionals, although “another element to be opposed and to gain time is that the lawyers we detect form defect”.
Those that perceive less of the double of the interprofessional minimal salary have free justice. Very important to bear it in mind facing Judgments with banking institutions.
The debtor - if it is his familiar housing - he can pay the principal one and interests that it owes and the coasts, with what one would declare the procedure completed. This, that earlier could be done once in the life, now can recur every five years.
If it is not possible to pay the procedure ends with the auction of the building that notifies the debtor to itself with 20 days of advance. New term in which he might pay. According to Enrique López, spokesman of the General Council of the Judicial Power, the average time of a procedure up to the putting on the market of the building is eight months. “In other countries it is three times more, what gets dearer the mortgages”, it indicates.
Comments
2 Responses to: “What happens on having stopped paying the mortgage?”
I have problems to be able to pay the mortgage, so the fact is that I have thought of returning the apartment to the bank.
if someone can explain to me in a more detailed way, that should write to me please
I am the proprietary only one, but my hemano is also a proprietor of the alone loan
that to do in these cases
also the same happens to me I have a mortgage but I cannot pay it, I want to give him my house to the bank for q I auctioned it but I have of abal the house of my parents and not who make with eso.quiero know if they take the house from them or only they take it from me.
please I need help with this