Before buying real estate under the mortgage lending program, a potential borrower should know how he can dispose of an apartment mortgaged to a lender bank in the event of a divorce.
Divorce
It often happens that spouses who have acquired real estate with a mortgage get divorced. The division of an apartment mortgaged with a lending bank is a very difficult operation. How is the division of real estate carried out? There are several options.
- You should notify the creditor bank about the upcoming divorce and write a statement stating that one of the spouses undertakes to make mortgage payments in full. At the same time, the second spouse renounces the ownership of the mortgaged real estate in writing.
- More effective, but also more costly is the option for early and full repayment of the mortgage loan. After complete disposal of obligations to the creditor bank, the collateral is removed from the real estate, and the apartment can be sold and the money divided.
- Sale of pledged real estate. To do this, you should make a request to the creditor bank for permission to sell an apartment / house. The bank, having made sure of the inevitability of a divorce, instructs the real estate agency with which it has a contractual relationship to sell the mortgaged apartment / house. Part of the money received for the implementation will go to repay the loan, and part in the form of a commission to the agency. The rest of the money from the sale is returned to the spouses.
