Today lending ishalf of all assets of any bank. The number of credit institutions is growing, and with them the competition. Each bank offers various programs with attractive interest rates and conditions. Today, every second family has credit commitments - it is an integral part of modern life. There are various types of consumer loans: car loans, goods in installments, mortgages.
Thanks to the mortgage you can buy propertyboth in the primary and secondary markets. But mortgage interest in Russia is very high and not everyone can afford it (from 10 to 16.5%), unlike in Europe, where the average rate is only 4%. In addition to interest, a necessary condition of any bank is a down payment of 10%, a guarantee, a pledge of the property being acquired or existing and compulsory insurance. In the event of non-payment and the formation of large debts, the bank may send a notice of termination of the contract. Of course, housing in our country is very expensive, and you don't want to rent and pay for someone else's apartment all your life - guided by this, some citizens, without measuring their incomes, burden themselves with debt obligations, and subsequently all their dreams crumble like a matchbox.
The Russian legislation clearly spelled out the entirethe process of issuing and repayment of the mortgage, but, despite this, credit organizations have the right to put forward their own requirements for borrowers. Before taking other people's money, the borrower needs to thoroughly familiarize himself with all the conditions (contract) very carefully, ask the employee to calculate the payment schedule, find out what commissions and penalties are charged for late payment, also clarify the question of possible early repayment (some banks have moratorium on early closure of debt).
Reasons for termination
The termination of the loan agreement with the bank hasplace in the case of the sale of mortgage real estate, the inability to make money on the loan account. In this case, the bank must send a notice of termination of the contract to the borrower or warn him verbally. If one of the parties disagrees to terminate the contract, the other party has the right to go to court. Before signing the documents, the borrower should be familiar with the procedure for making payments and the possibility to terminate the mortgage agreement, otherwise it will lead to large material losses for the borrower.
Also termination of the mortgage agreement is carried outin violation of the obligations of one of the parties. If both parties find a compromise and by mutual agreement make the appropriate amendments to the contract, then the termination of the contract is not required, and it will not lose legal force. Bank failure is not the main reason for termination of the contract. With this outcome, the credit institution is obliged to send a notice of termination of the contract to the client. If this does not happen, the borrower can appeal to the court, which will make the best decision - the law does not spell out clear rules on this issue.
Обычно инициатором расторжения выступает credit organization, but there are cases when the borrower applied to the bank to terminate the contract. If you see that the bank violates the terms of the mortgage agreement or, for some reason you do not understand, sends a notice of termination of the agreement, it is better to contact the company that deals with such matters, which can understand this difficult matter. Such companies specialize in loan restructuring and even buy back real estate pledged from a bank.
If the borrower is indefinitely notable to repay the debt, he needs to urgently inform the bank about it in order to avoid penalties. You may be offered several options to solve the problem: mortgage restructuring or termination of the contract.
