When we take out a loan, we need not only think carefully about whether we really need it or what interest rate we choose, but it is better to know what happens if we are unable to pay the installments . This is basically included in the contract with the bank.
Of course, it is easy to get involved in such a case, that the bank comes and takes the cover – which is usually the real estate purchased on a mortgage-based real estate loan – but the process is more complicated and not necessarily the end.
Let’s be beneficiaries and strive to solve the problem
Worth communicating openly with the bank . If we have paid the installers properly , but we see that we will not be able to do so in the coming months , then we can look for the bank to make up to 6-12 months’ delay if we speak in time. Of course, the interest continues to tick, but we can get some time to settle our financial situation.
If we do not look for the bank, he will be the one who takes the initiative if he does not see that the current installment has arrived. Notifies you of the debt and passes the claim back to a recovery company at the end of the current month . These companies specialize in collecting the missing details for which they often ask for a pepper price. Of course we will have to pay this as a debtor. You can expect letters of inquiry, telephones, personal visits, or you can find us at our workplace .
Outside the court road
If the debtor does not get to the vineyard because we are unable to pay him, the claim is usually returned to the bank, where they cancel the loan agreement and they can do two things: they can try to settle the question out of court (only in case of real estate loan ), or bring the case to court and request enforcement .
In the former case, if you have a credit agreement (defined in the minimum selling price of the property and how long you can sell the property in case of termination), then the joint selling of the underlying property – and the repayment of the loan from the purchase price – may arise accordingly. In the event of failure, however, the credit agreement will expire. The property can then go straight to the bank if we have an agreement with them.
If you take the case to court
The bailiff who is gradually trying to reclaim the debts can come here : first he disables our bank account and withdraws 33 or 50 percent of our payment . If this is not enough, it will seize the property (or other high value movable items, such as a car) and will auction it, even if it fails. The entire process can last for long months, up to two or three years, while interest rates are rising and the amount of debt increases. Finally, if the property is sold out at the auction but does not cover the amount of the loan, we have to pay the remainder, and we can even strain the burden for many years. In one case, however, we can avoid this. To do this, we need to enter the National Device Manager program.
National Device Manager
If we sell the property to the National Asset Manager , whatever the amount of money it takes, the loan will be canceled, we may remain in the apartment as a tenant, and we can even buy it back in time . To do this, of course, we have to meet a number of conditions. For example, our loan agreement was concluded before December 31, 2013.
So we are not able to use this help for new loans, so it is better to carefully consider borrowing. To do so of us can get help is to choose what kind of loan.