How to suspend the payment of the mortgage, if left without work

The mortgage gives the opportunity to improve their living conditions, but the loss of a job can knock a person off track. Early to despair - to postpone payments on the loan, and without loss of the purchased home.

How to suspend the payment of the mortgage, if left without work

In most cases a mortgage can be called "lifeline," the only pleasure is never cloudless. It so happens that when all the steps in obtaining a mortgage loan are passed, the circumstances change dramatically. Dismissal and to pay the debt on your mortgage is nothing.

Dismissal

A mortgage is a long-term loan, which is typically calculated over 10-20 years. For such a long period of time to happen can be anything you want. If you were fired from work, the first thing you need to apply directly to the Bank, a mortgage in which the apartment is located. Explain the current situation. You will need to write a statement requesting deferred payments.

Further, the Bank will consider the application. In most cases, the decision is in favor of the borrower, all payments are suspended for a period of 2-3 months. In other words, the Bank allows the borrower to find a new job in order to continue to resume payments. In this situation, banks rarely deny customers because they are easier to suspend payments for a while than to deal with the implementation of the object pledged as collateral.

The main thing to remember, before taking any action, be sure to ask the employee of Bank, whether they have a practice of "suspension of payments on a mortgage.

Nothing to pay – you can sell

There is no such option - apartment or house you can just sell. But here too there are nuances.

You must first contact the Bank for permission to sell. When permission is received from the Bank, be sure to discuss all the conditions of a future transaction, which will need to comply with.

Banks often do not oppose a transaction of this kind, since the voluntary sale of the property, the debt on the loan will be repaid in a lump sum (the main condition of the Bank).

Ways to pay off your mortgage

The sale of the property which is in pledge at Bank, money just sharing. The Bank receives the remaining amount under the credit agreement, and the borrower goes to the rank "of the former borrower.

If the Bank does not agree to the voluntary sale of the property, you can find someone who will agree to a deal for the sale so that now he will have to repay the loan, and the remaining amount can simply put on Deposit.