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Archive for the ‘Mortgage’ Category

Basic rights of creditors is likely one of the above methods to recover the real estate mortgage contract when the debtor – with the help of the mortgage reservations, executive, notary or in court. In this case, the lender shall in case of violations of the basic obligations of the debtor to send written notice deletion breach of contract, and to address the violations to the debtor be given not less than 30 days. And only if he has not fulfilled its obligations within 30 days, the lender can proceed with the next procedure.

In accordance with the court’s decision can be given to the right to independently implement the mortgagee mortgaged property, the realization of the mortgaged property at public auction. Moreover, if the property is home, having decided to foreclosure on your home or facility, all residents are required by the written request of the mortgagee or the new owner voluntarily release the home or place ( of the mortgage).

If sales of mortgages held by public auction, the debtor has a right to the implementation of the requirements to perform the principal obligation, along with compensation for other costs paid by the mortgagee. This performance is the basis for termination of mortgage sales. But if the amounts received from sales at public auction of mortgaged property does not meet the requirements mortgagee, he is entitled to receive the remainder as other property the debtor, in accordance with applicable law. Well, the main interest of the debtor that allows you to protect yourself when  illegal lenders – the right to go to court to protect those rights.

As you can see, the mortgage is really attractive to lenders that protects their rights to others, competing for the property the debtor, it set a high priority to the requirements of mortgagee, and also give them different rights to return the principal amount of the credit obligations and almost all the costs incurred. Right debtor reduced mainly the fact that he may at any time prior to the sale of a mortgage to pay the cost of borrowing and lending occurs. A guarantor of protection of rights as a creditor and the debtor is a court.

Debtor in the judicial process can hope to defend their rights if the court finds sufficient reason for the early recovery of the mortgaged property. Additionally, lenders may fail, if the property mortgage permanent housing for people age majority. And although lenders care about at this stage of the mortgage contract, but may be situations where a child born after the end of the agreement. In this case, to evict the tenant only after obtaining permission protection authority.

Organization sell the mortgaged property is held by a special organization to move in a competitive with the state executive service. According to Section 2 of Art. 41 Act on the specific organization’s mortgage choice mortgagee.

Rights and obligations

From the essence of real estate mortgage foreclosures and the cause is clear that lenders are endowed with a broader list of the rights of the debtor. Failure to meet repayment obligations commitment requires certain sanctions, which puts the debtor in the position of “slave”.

The initiator of the judicial process can be both creditor and debtor. Creditors can apply to court for breach of fundamental obligations of the mortgagor or the conditions of the mortgage contract and failure within 30 days of the written requirements of the mortgagee to eliminate the violation. debtor may seek to challenge the illegal actions of creditors. Of course, that the creditor in such litigation is in a privileged position, because the evidence of non-payment of bank debt last owner of the property is not opposed. The debtor may attempt to influence the duration of such processes, but the result is not likely to affect. When dealing with credit builders in court denial of real estate owned by the debtor becomes a matter of time.

The court’s decision should be set: the requirements of the overall size and its components, the mortgagee is paid on the value of the mortgaged property, real property inventories, because of the supposed benefits, ways to ensure the preservation of the assets mortgaged or transferred to the management for the period prior to implementation, if such requirement ; how to apply (through a public offering, the transfer mortgagee the right to sell mortgaged property to others, the recognition of ownership of assets mortgaged to the mortgagee).

Basically, get rid of creditors court is only possible with the voluntary consent of the debtor to recover the property mortgaged.

Executive inscription Notar

Executive inscription made under the mortgage agreement and deed notarized document confirming the debtor’s debt and build incontestability delay performance of obligations under Article 284 Instructions on how to act by a notary deed of Ukraine, approved by Order of Justice of 03.03.2004 № 20 / 5. Based on the writing of the execution can be seized at the property – the subject of mortgages, and enforceable, and the number of sales is returned to the bank loan. This procedure is performed in the manner specified by the Law of Ukraine “On Enforcement Proceedings” from 04.21.1999, № 606-XIV, namely, through the organs of the State Executive Service, which held a public auction or other sale will be arranged in a mortgage contract.

If we compare with the time of execution, issued by the court, written duration of the execution by the notary is much shorter. And so to protect the interests of creditors, to pay the mortgaged property confiscated by the notary executive, effective. But at the same time, this procedure has the same disadvantage to the lender, who-court settlement – borrowers who want to protect their rights to immovable property, almost always appeal against such action in the courts.

Reserve the right lender to sell the mortgaged property is also not practical. In accordance with Art. 657 Civil Code of Ukraine (hereinafter – CCU) Purchases and sales shall be subject to notarization and state registration of property. If notarization sales contract, the creditor is obliged to conclude the sale of mortgaged property, there is the same question about the documents, evidencing title to the lender to real estate. As already mentioned, the mortgage contract can not act in that document because it contains no indication of a clear and unambiguous that the mortgagee becomes the owner of mortgaged property.

In any case, the method of sale of real estate mortgages are often still go to trial stage – because the debtors are rarely “free fight” allows you to restore the mortgaged property. A creditors’ claims, real estate secured, through the use of the clause does not prevent mortgage mortgagee to take another penalty means (Article 36 of the Law on the mortgage). Note also that the debtor himself could go to court – the right to give Legal Mortgage in st. 37 which states that a decision on registration of property rights in the real estate mortgagee can be challenged in court mortgagor. If a debtor will utilize this right, it will complicate and prolong the foreclosure process mortgaged property, and make the procedure useful out court settlement.

This procedure provides real mortgage foreclosure real art. 36 Law Mortgage and is a court settlement in the contract. Although this procedure, at first glance, the most simple and fast to the lender, but it contains a trap that makes it almost impossible to implement.

First, it must respond to the question, how will registration of transfer of ownership to the creditor institution BTI (Bureau of Technical Inventory)? After all, for the entries in the list of real property ownership must be filed within BTI documents proving ownership of property. Mortgage contract in such a document for the BTI is not, because it is not in the list of legal documents are attached to the Regulation on registration of ownership, while real property, approved by Order of the Minister Justice on 02.07.2002 , №7 / 5 .

Mortgage, which has become so popular and affordable way to get their own housing, already shows the back side of the coin. With the home-country process, which resulted in the debtor on the mortgage loans to financial bankruptcy, the more “bound” by the mortgage must ask the question: how the takeover procedure mortgage? What rights and responsibilities are creditors and debtors?
Article 3 of Law of Ukraine “On Mortgage” from 06.05.2003, № 898-IV (hereinafter – the Law on mortgage) states that in case of violation by the debtor from the obligation of the loan principal in accordance with the mortgage, mortgagee is entitled to meet its secured claim at the expense of pawned property. Also Art. 12 of the Act speaks about the mortgagor for breach of obligations stipulated by the mortgage agreement, and in this case, according to this article, the mortgagee is entitled to demand early performance of principal obligation, and in case of failure – to close on the property mortgaged. And now, this provision has received special attention from creditors, because of the increasing economic crisis that the mortgagor lost financial stability and, therefore, be given the opportunity to make timely payment for a loan to purchase real estate.

Mortgage Act provides three options for loan repayment, the repayment of which provide real estate: under contract to the satisfaction of the mortgagee (perhaps ordering the mortgage agreement on how to recover the mortgaged property in default of the principal obligation or a separate agreement to provide collection procedures); based notary executive for collection of debts, according to court to recover the debt.

Mortgage clause

Agreement concluded between the mortgagor and mortgagee mortgage may contain a clause that states how exactly mortgagee will recover the amount of credit-default of the principal obligation. Such clauses may provide a direct transfer of rights to real property from debtors to creditors if the debtor fails to perform its obligations, or rights of creditors in this case, to sell real estate, is the subject of a mortgage, a third party. Collection methods can be given not only points the mortgage contract, but stored in a separate agreement to the satisfaction of the mortgagee, which may be concluded between the creditor and debtor.

What the fate of mortgages (and thus homes) if the company which offered the loan bankruptcy. In a perfect world, since the company went bankrupt, our debt should be waived, but unfortunately this is not true. As this loan is an article of the company that makes money (when you make your payments) that will be sold as part of the assets (accounts receivable) of the company, whether you purchase another institution or if the central bank (FDIC States States) took charge of the company.

At the same time the mortgage conditions (time, interest rate, etc.) Would remain the same, unless you decide to refinance for a better rate. This transition will most likely also accompanied by up to 60 day extension for making payments and everything is back in order. Bone, if a lack of communication you send your payment a few days later not charge late fees (late payment fee.)

The most important thing to consider is to whom you send your payment. Make sure your payment is made to the appropriate institution and not a fraudulent site. If you can call customer service with them and make sure that the information received by mail is correctly could help you not spend a few headaches trying to get your bank will return the money.