Mortgages provide an opportunity to improve living conditions, but the loss of a job can unsettle a person. It is early to despair - you can postpone loan payments, and without losing the purchased housing.
How to suspend the payment of a mortgage if you are left without work
In most cases, a mortgage can be called a "lifeline", but the joy is never cloudless. It so happens that when all the steps in obtaining a mortgage loan have been completed, circumstances change dramatically. Dismissal from work - and there is nothing to pay off the mortgage debt.
Dismissal
A mortgage is a long-term loan that is usually calculated for 10-20 years. For such a long period of time, anything can happen. If you are fired from your job, the first step is to go directly to the bank that has the apartment as collateral. Explain the current situation. You will need to write a statement asking for a deferred payment.
The bank will then consider the application. In most cases, the decision is made in favor of the borrower, all payments are suspended for a period of 2-3 months. In other words, the bank enables the borrower to find a new job in order to resume payments in the future. In this situation, banks rarely refuse clients, since it is easier to suspend payments for a while than to deal with the sale of an object that is pledged.
The main thing to remember is, before taking any action, it is imperative to ask a bank employee whether they have such a practice - “suspension of mortgage loan payments”.
Nothing to pay - you can sell
There is such an option - the apartment or house can be simply sold. But there are also some nuances here.
First, you need to contact the bank to obtain permission to sell. When permission has been received from the bank, it is imperative to discuss all the conditions of a future transaction that will need to be met.
Banks often do not oppose transactions of this kind, since with a voluntary sale of property, the loan debt will be repaid in a lump sum (the main condition of the bank).
Mortgage loan repayment methods
When selling property pledged by a bank, the money is simply divided. The bank receives the remaining amount under the loan agreement, and the borrower becomes a “former borrower”.
If the bank does not agree to the voluntary sale of property, you can find a person who will agree to the sale and purchase transaction in such a way that now he will have to repay the loan, and the remaining amount can simply be deposited.
