In fact, this is getting a new loan to pay off the old one. The solution is advisable if the borrower finds a more favorable offer in another bank. If the lender approves the restructuring application, it will pay off the borrower's current debt and the latter will pay off the new loan on different terms.
Refinancing often helps reduce overpayments or lower the monthly payment by extending the repayment period. However, experts recommend assessing the benefits in advance in a comprehensive manner, rather than focusing only on the difference in interest rates.
Important: refinancing is not possible for a number of preferential programs. In particular, for the Far Eastern and IT mortgages. But the “family” mortgage can be refinanced – if the borrower finds a bank with more favorable conditions.
If financial difficulties are temporary and we are talking northeast mobile number database about missing one or more payments, then sometimes it is more advisable to get a loan or credit for payment from another bank or microfinance organization, but not to allow a delay in the mortgage.
Important: the solution is relevant only for temporary financial difficulties. If the borrower has nothing to pay over the long term, then the accumulation of debts will only aggravate the problem.
What will happen to the apartment if the payment is overdue?
Depends on the length of the delay. If the borrower does not make payments for a long time and does not try to solve the problem together with the bank specialists, the creditor will file a claim in court. It is no secret that the mortgaged property can be transferred to the bank's disposal even if the housing is the only one.
The borrower can continue to live in the mortgaged apartment during the trial. He can also ask the court for additional time to evict - such requests are often granted.
What to do if the bank files a lawsuit
Usually banks file a lawsuit if the loan is overdue for 2 months or more over the last six months, and the debt amount exceeds 100 thousand rubles. If the procedure has already been launched, then the risk of losing the mortgaged apartment is extremely high.
What should a borrower do if he wants to keep his home:
Try to improve your financial situation and come to an amicable agreement with the creditor.