Currently, in our country, consumer and mortgage lending is very developed and quite relevant. There are many banks offering services to consumers with their own interest rates and terms. Unfortunately, many of us are forced to turn to banks in order to somehow improve our life or living conditions. But life circumstances (death of a spouse, loss of job, illness, etc.) sometimes turn us and a reliable borrower into an irresponsible defaulter. How to repay the loan if you want to pay, but you do not have such an opportunity?
Instructions
Step 1
The very first, but it may not be a very suitable way to settle accounts with the bank by selling the existing property or the one that is pledged to the bank. Keep in mind that it is very difficult to sell mortgaged property. This can take months, and during this time you risk falling into a hole in debt, since all banks charge penalties and fines for late payments on a loan.
Step 2
Try borrowing money from friends or family.
Step 3
Go to the bank, show that you are not giving up on your loan obligations, just that you are now in temporary financial difficulties. Any bank is interested in your solvency, so it is most likely that they will meet with you to overcome this unpleasant situation.
Step 4
The bank may offer you to take advantage of the "credit holidays", i.e. during this period, it will not be possible to pay the amount of debt on the loan, but pay only interest. Credit history will not be affected by this in any way. As a rule, "credit holidays" can last no more than 6 months.
Step 5
The bank can meet you by re-issuing the loan for a longer period with recalculation of all payments. In this case, the loan amount will be less. Usually, according to the rules of the bank, a loan agreement can be concluded before the borrower's retirement age. For example, if a 36-year-old woman took out a mortgage, who took out a loan 1 year ago for 10 years, then the contract can be renewed by extending the term by another 10 years.
