The mortgage law provides for the complete transfer of housing property of the buyer-borrower. However, this property is considered to be burdened, therefore, the buyer's rights have some limitations. In particular, without the permission of the Bank the owner does not rent it long term rent or to sell.
But life is unpredictable. And there are circumstances where the holder of a mortgage of housing, apartment or home, forced to engage in its sale. And the first thing he needs to do is to put the Bank that issued the mortgage, aware of their intentions.
There are two cases when the Bank agrees to the sale of mortgage housing.
If you are a mortgagee (a person who took shelter in the mortgage) want to improve their living conditions, simply to change the apartment or the house, with the permission of the Bank can find a buyer for its residential meters and to execute the contract of sale in accordance with the law. Received for housing money placed by the purchaser in two cells Bank safe so that in one cell is the amount sufficient to repay the Bank loan on the mortgage, and the other with the remaining part, which may be the initial installment for the purchase of mortgage housing large sizes. After receiving the money the Bank gives permission for the processing of home buyer's property.
The second way of sale of housing. Mortgage housing (apartment or house) can be sold, again only with the consent of the Bank, in case of impossibility of payment of the debt on the mortgage. In this case, the Bank has the right to find a buyer for the house, apartment, or to buy housing on their own. In this part of the funds arising from the sale goes to pay off the mortgage. The remaining amount is returned to the former owner.
Recently there were rumors that soon will be adopted law on which the Bank will be able to sell a house mortgage in case of willful failure to pay mortgages even without the consent of the owner of the apartment house. This will reduce the risks of banks for mortgages, which will reduce lending rates the mortgage.