Bank as collateral seek funds to minimize the risk of lending – mortgage. A mortgage is a lien on real estate, which authorizes the creditor if the borrower does not repay the debt to provide the collection of receivables secured by mortgages. Delay of 60 days, the bank reported to the Credit Bureau, or unpaid debts of two installments automatically go to the Credit Bureau. This is a signal that something is wrong and that the problems with payments began. And how in that it seems that we will easily handle, in the case of mortgages need to be very careful!
Already after the first unpaid installment the bank will telephone and in writing admonish you owe them (standardize the bank’s form warning that appeals to the concluded loan agreement), and repeat this process until the debts are paid in three installments, or past due by 90 days.
If by then at least do not reduce debt to “tolerant” war, two, expect serious steps to be taken by the bank.
First warning calling on members of the mortgage law, shall contain information on the loan agreement, mortgage and real estate a description of the violation of the contract on the basis of which requires implementation of the mortgage, the actions that the borrower must take to pay off debt and avoid the sale of real estate, the deadline in which the borrower must pay the debt to avoid the sale of real estate.
If within 30 days of receipt of the first notice you do not pay the bills at your address will arrive warning for real estate sales.
If you do not even make contact with the bank for possible agreement on the method of payment to avoid the sale of your real estate (or worse mortgagor if immobility not own), the bank will register as mortgagee of real estate to send a request to execute recording, mortgage sales in favor creditor.
This of course requests the bank to submit a copy of notice of sale of real estate, a copy of the credit agreement and a mortgage, a statement that the debtor until that day did not fulfill the debt, as well as evidence that the first warnings and warnings on sale sent to the debtor and the owner of real estate.
Real estate registry shall, within seven days of receipt of the request for annotation, make a note on mortgage sales in favor of the creditor and submit the creditor, debtor and owner of real estate solution on the record of mortgage sales.From this it is not difficult to determine what the next steps of the creditor banks, which means that we have entered into an abyss from which it will be difficult to draw.
As much as the sale of real estate has fallen drastically in order to become less and less purchasing power, it should be noted that there are still those who are waiting for a favorable opportunity when the bank immobility ads for sale.