If you are already in a difficult situation and realize that you need a waiver of the mortgage, do not rush. Depending on the circumstances in which you are not able to repay the loan, you can search for other solutions to this problem. For example, if the difficulties are temporary, the Bank, most likely, will meet your needs and grant an extension on the loan. To come into his office. Make an appointment with the Manager who signed the contract of the mortgage, and write a statement about the deferment. If the reason is justifiable, for example, job loss, pregnancy, loss of a spouse, and the like, the Bank can grant a delay up to 6 months.
If the collateral for the mortgage is another estate, for example, an apartment or a house, are you owned, the problem of termination of the mortgage contract is solved by the sale of the property and return the amount owed to the Bank. Usually without penalty, you can do it after 6 months after registration of the loan agreement. If the financed property is in Deposit in the Bank, you will not be able to sell it without the participation of the Bank.
If deferral of the loan will not save the situation, to sell the property impossible, and you've decided to terminate the contract, then this would be not so easy. First, for its dissolution, prepare a really strong case. Second, be ready for a serious proceedings on the part of the Bank, which, in turn, will try to cover their losses through penalties.
The sequence of actions next. You go to a Bank, meet with your Manager who tells you the list of documents required for the waiver of the loan. Then you collect the documents and go to the Bank to write a disclaimer. The Bank considers it and makes a decision on your case. Depending on how weighty your reasons for refusal from the mortgage, the lower will be penalties.
After the Bank passed the decision on your case, start preparing for the sale of the mortgaged property. The Bank undertakes the sale of real estate, and you, paying the penalty and the fine, be free from obligations to the Bank.