What if there is nothing to pay on the mortgage? Description, recommendations and solutions to the problem

Unfortunately, most people who make out a mortgage do not think that they can get sick, lose their jobs or get into some difficult situations. As a rule, problems with solvency arise not because of global or intra-state economic problems, but because borrowers are not able to correctly calculate their own forces. As a result, many of them after a few years begin to understand that there is nothing to pay a mortgage (mortgage loan). What to do In such cases, you will find out by reading this article.

What are the risks of non-payment of a loan?

It's not a secret for anyone that the real estate purchased on credit remains in pledge with a bank institution until the debt is fully paid. In the event of non-payment of mandatory monthly payments, the bank has the right to sell the property and collect the proceeds in payment of the debt.

Those who are interested in what to do, if there is nothing to pay for a mortgage, Should understand that their apartment can be sold at a greatly understated price. Therefore, very often the proceeds from the sale do not fully cover the loan. As a result, the borrower runs the risk of remaining not only without a roof over his head, but also with impressive debts to the bank. In addition, he is also deprived of the amount that was paid on the loan earlier. Therefore, the first measures should be taken as soon as the borrower starts to understand that there is nothing to pay a mortgage.

What can I do to stay with nothing?

The worst thing that a person who finds himself in a similar situation can do is refuse to pay the debt. The first thing the bank will do is include the so-called penalty sanctions. This is fraught with the fact that debts will begin to grow at a catastrophic rate. After that, some institutions begin to psychologically influence the borrower. In the course are phone calls and letters with a reminder of the possible ships. Those who are interested in what to do, if there is nothing to pay on the loan, You need to be prepared for the fact that in case of non-payment, the bank initiates a trial. And its final chord will be selling an apartment through an auction. Even if young people are registered in the mortgage housing, bank lawyers will find ways to collect their money. Therefore, in order not to remain without an apartment and with huge debts to the bank, it is necessary to look for ways to solve this problem.

Option one: Restructuring

Recently, many borrowers have nothing to pay a mortgage to Sberbank. What to do in such a situation, a specialist who understands these issues will prompt a consultation. One of the possible solutions to this problem may be debt restructuring. If a person has incorrectly calculated the credit load or just lost his job, sooner or later he will understand that he has nowhere to take money to make the next payment.

"If there is nothing to pay a mortgage, then what to do?" - Many debtors are interested. In this case, you need to contact the bank. As a rule, modern credit institutions willingly make concessions and often suggest restructuring the debt. In other words, the borrower is offered to reduce the amount of the mandatory monthly payment, distributing it for a longer period. This option is beneficial not only to debtors, but also to banks that want to return their money. In order to receive a restructuring, it is necessary to file a corresponding application with the banking office. If everything is in order, the debtor will be asked to draw up and sign a new repayment schedule for the loan. Under the schedule must necessarily be seals and signatures of authorized representatives of the institution.

Option two: insurance

Those who care what to do, if there is nothing to pay for a mortgage, It is worth remembering the existence of insurance. You need to carefully read its contents. In most cases, insurance companies are willing to pay bank debt if the borrower has lost efficiency due to some illness or injury or if he suddenly lost his job.

To receive payment, you will have to collect the necessary documentation. Depending on the situation, insurers may require a medical certificate confirming the presence of health problems, or a notarized photocopy of employment with a record of dismissal with the corresponding order of the former employer. It should be understood that they are not responsible if the insured person herself has injured herself or received them while in a state of intoxication.

Option three: the search for a compromise with the bank

Those who do not know what to do, if there is nothing to pay for a mortgage, It is necessary to understand that bank employees have to face a similar problem almost every day. Therefore, the debtor should discard the embarrassment and go to the bank in search of a compromise. It is not excluded that the financial institution will agree to grant a deferral of payments or allow only the principal amount of debt to be paid. The main thing that the borrower had a valid, valid reason, which can be the birth of a baby, a sudden illness or a serious financial situation.

Option Four: Waiting for Judgment

If a person who does not know what to do, if there is nothing to pay for a mortgage, Really serious financial difficulties, then we can recommend waiting for the trial. This option is most beneficial for the non-payer, because no court will force him to pay the fined fines and penalties, the amounts of which significantly exceed the size of the principal debt. In addition, the debtor will have the opportunity to legally agree on installment payments, and sometimes sign the world.

In the presence of mortgaged property, the bank has the right to demand that the recovery be levied on it. If the debtor has previously made payments, the principal amount will be given to the bank, and the borrower will receive surplus. At the same time, it should be understood that bailiffs will implement the collateral. As a rule, it is sold at a very low price.

Option five: on-lending

Those who can not decide what to do, if there is nothing to pay for a mortgage, You can recommend trying to agree on on-lending in another bank. Especially it is convenient for those who are sure that in the near future he will receive a large amount, which can be transferred to pay the debt. Most credit cards have a grace period, during which no accrual of interest occurs. In this case, you can save a lot. However, this option has several drawbacks. So, some banks charge a commission not only for issuing a card, but also for its maintenance.

Option Six: attentive reading of the loan agreement

Bank employees are also people who can sometimes make mistakes. Therefore, we recommend that all borrowers who are in a difficult situation, carefully read the contents of the contract. If the bank has resold the loan to the collection office, then it is necessary to check the consent of the debtor for the transfer of data to a third party. In case of his absence, the bank had no right to transfer information about the borrower to unauthorized persons. Consequently, by such actions he violates the law that protects personal data, and the debtor can be discharged from a third party.

The second point on which it is necessary to pay special attention is whether the interest rate has unilaterally increased. In addition, there are many other important nuances that can be noticed only by a qualified lawyer. Therefore, you should definitely consult with a specialist.

Seventh option: leasing real estate for rent

Despite the fact that this method allows you to significantly reduce the credit burden on the family budget, it is suitable for those debtors who have alternative housing.

You can also take advantage of this recommendation, if a large apartment was bought on credit, located in an elite district of the city. In this case, it can be rented even by those who do not have other housing. You can just rent a smaller apartment in a more remote area. And the difference can be transferred to the mandatory monthly payments on the mortgage. Of course, this method has several significant drawbacks. One of them can be considered psychological discomfort from the realization that absolutely other people will live in your apartment. In addition, it is necessary to take into account the fact that housing can be empty for some time. After all, few people manage to rent an apartment for a long period. Do not forget that the rental price should be in the currency in which the mortgage is taken. In this case, the borrower will not have to lose money because of the difference in the rate.