In the regulations on the mortgage plan to make changes that allowed banks to sell real estate problem borrowers without a court order. The authors of these changes suggest that the amendments will apply if loan agreement will be registered the relevant paragraphs. To untie the hands of banks, the Civil Code and Law on the mortgage must be changed. As a result, banks will be lowered risks of loan defaults. Now mortgage programs, banks take into account the risks of loan default and possible legal costs. This keeps interest rates on the mortgage on a sufficiently high level.
Court costs are not very large. In the big banks There are branches in the regions, and court cases involved legal departments. According to Bizzi & Partners, who has experience with these questions. Therefore, the cost of travel, sending requests, etc. will be absent. Smaller banks usually do not lend to residents of other regions. Issuing credit, banks pay attention to the location of the mortgaged property. While paying the state fee for filing a lawsuit can not be avoided, such costs will be reimbursed by the borrower. Banks may need to be in court to evict the family of borrowers, if the latter refuse to release the apartment.
If the pledged assets is the only place of residence of the borrower, to evict such happens difficult. Although the law allows now to evict from a single dwelling, if the latter is a guarantee on the loan, the borrower will be able to seriously overspend Bank, worn his staff in the courts. While lawmakers say the Protection of the interests of borrowers who are unable to timely repay the loan, their approval is very doubtful. After all, now the borrower in case of problems with loan repayment can restructure its debt, and banks are sufficiently loyal to the borrower, often giving a delay of payments. Of course, these changes will be a good stimulus for further development of the mortgage, but adoption will be on hand to borrowers, complicating their already difficult lives.
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