Section apartments in the mortgage when you divorce

One of the urgent problems arising from the dissolution of marriage is The division of property. In a divorce mortgage on the property adds even more complexity. Each situation has its own nuances. In this regard, a clear algorithm of responsibilities with respect to the collateral object in currently no. We next consider how to spend the Section apartments in the mortgage in the divorce.

Current issues

So, the problem accompanying the Section of the apartment, a mortgage. Court practice today have not developed a uniform approach to decision making. Therefore, it often happens that different institutions take the opposite decision. The situation is complicated by the fact that in the debate addresses the interests of three parties – husband, wife and the credit institution. In many cases, the distribution of responsibilities significantly infringed the rights of any participant. For example, in practice many cases where the former spouse who is deprived of the apartment (or its part) in the division, had quite a long time to repay the loan. Problems often arise and the banks. For example, credit institutions wishing to sell a property on which there is a delay, confronted with the fact that, according to the court, it is not the sole property of the debtor.

Regulation

The Difficulties that accompany a section of the apartment, bought a mortgage, are due primarily to insufficient legal regulation of this issue in the civil and family legislation. Instance considering such disputes, are governed by the provisions of SK, GK, and FL no. 102. In addition, account shall be taken of conditions of the agreement concluded with the Bank. In the analysis of these acts can be distinguished the following principle. The living area is acquired by the spouses during marriage to mortgage funds is the property jointly acquired by them. This, in turn, entails the corresponding legal consequences. Joint property is divided equally between the spouses, if the other order is not defined by the marriage contract. In disputes is irrelevant to who framed object. Financial obligations equally to both spouses, regardless of whether they are a co-borrower or credit was issued to someone one. Thus, the principle of "50/50". Meanwhile, in reality, to hold a Section apartments in the mortgage, is not easy. The fact that the object is pledged to the banking organization. The couple, being formal owners cannot freely dispose of the estate.

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Marriage contract

In order to avoid various problems, lawyers are advised newlyweds to sign a contract. The law permits the execution of the contract and before the registration of marriage, and after it. Meanwhile, despite the clear benefits of this document are not many of his issue (no more than 5%). It is possible to define various conditions. Typically, the agreement establishes the procedure of division of property, juvenile and other important points.

Guarantee Bank

The Credit agencies are trying to be safe. When making the basic contract and they are An agreement on section apartments in the mortgage spouses. Credit institutions, repeatedly having difficulty, acquired sufficient experience in litigation. Agreement section apartments in the mortgage Allows the Bank to minimize the risks. Most lending institutions are trying to make husband and wife co-borrower. It is, in General, beneficial to themselves and to citizens. In this case, they can combine their income and obtain more credit. Many banks include a contract clause stating that upon dissolution of the marriage a co-borrower the terms of the agreement will not change. This is an additional guarantee for the credit structure. If the people who have agreed to this condition, dissolved the marriage, and one of them later refuse to repay the loan, financial obligations in full will go to the co-borrower. This condition protects, of course, solely the interests of the banking organization.

Solution

So how can you minimize risks and to hold the Property division? Mortgage on the property – property to which the rights are limited. Therefore, the co-borrowers may, upon dissolution of the marriage, to continue to repay the loan or to quickly raise money to pay off the loan. When the debt is liquidated, the property is put up for sale. By implementing the object, the former co-borrowers share the amount among themselves. There is another option. Co-borrower can sell the property with the consent of the Bank. It is worth saying that to predict the response of the credit institution in this case is quite difficult. The Bank may accept the offer of co-borrower require to repay the loan, since the dissolution of the marriage would violate the conditions of the basic contract, or is required to continue to repay the debt without selling the object.

The Possible actions of the credit organization

Many banks consent to the sale of real estate. In this case, the organization minimizes the risk of nonpayment of debt. After obtaining the consent the spouses have to find a buyer willing to acquire the object with such an encumbrance. To the new owner acquired the right of ownership, it is necessary first to reimburse the credit structure of the amount outstanding. He will have to wait until the process is complete removal of the encumbrance. Only after the buyer can obtain his right. Not all purchasers agree to such conditions, as the risks are quite high. Thus, regardless of the development of the situation with the implementation of the object's former co-borrowers will be required to continue to repay the debt. Otherwise, their situation may deteriorate significantly.

Right Bank

The lender does not receive payments on the debt, can sell the property. For this purpose, organized the auction. It is worth saying that the value of the object in this case is much lower than the market price. From the amount received from the sale of, loan structure holds the principal debt, penalties, fines and interest are not deducted and the cost of organizing the auction. The remaining balance will be divided between former co-borrowers. Given this, the spouse generally can remain without shelter, and without money.

Important

The Standards set several requirements for co-borrowers, beginner Section of the property. Mortgage on the property is formally in the possession of persons who have agreed to the conditions of the Bank. These include the obligation of co-borrowers to notify all changes in their lives. Accordingly, they shall notify the Bank about termination of the marriage.

The results

If the parties are unable to agree, will have to go to court. But, as was said above, clearly prejudging the outcome of the proceedings impossible. The court may oblige the Bank to implement procedures with real estate, to renew the contract for any of the co-borrowers or to grant the former wife and husband to continue repayment of the loan. This is not all possible solutions to the problem. If co-borrower is ready to continue the repayment of the loan in order to sell the living space, you can even in marriage, to hold a Section of the apartment. Mortgages Debtors are very dependent on the Bank. Therefore, before any action they need to contact the credit structure for approval. Accordingly, if the co-borrowers decide to spend the Section apartments in the mortgage before the official dissolution of the marriage, they need to write a joint statement about it. But in this situation, there can be problems. For example, the Bank may refuse to co-borrowers. A credit institution may not hold the income of one of the debtors, which is subsequently to be an obligated person. It may happen that Section apartments in the mortgage impossible for technical reasons. For example, it consists of one room, and to allocate a share is impossible. However, the co-borrower can challenge the decision of the credit structure.

Alternative option

How else can you hold the Property of the spouses? Mortgage on the property reissued on one of them, and the second free of charge or for a certain amount waives property rights. The first assumes the obligation to continue to repay the loan. If the Bank satisfied the solvency of the co-borrower, the latter may register the transfer on yourself in the authorized body. Usually the Bank takes the Commission for the renewal of the agreement (0.5-1% of remaining debt).

Section of the apartment on military mortgage

The Process is characterized in that the obligation to repay debt not undertaken by citizens, and the Ministry of defense. As a participant loan program, as well as owner, supports the employee regardless of the presence of his family. In this context, a Section apartments in the mortgage does not require the participation of the wife/husband. The latter is not involved in other cases. For example, if delay or other violations of the credit agreement the obligation to repay the loan rests solely on the employee.

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