So how to avoid these dangers at pledge sale?
It has been found out how correctly to get rid of pledge (apartment or the machine) not to remain due to bank.
The main reasons of errors at realization of pledge:
- The borrower morally is suppressed and isn’t ready to object bank clerks;
- The borrower has given to bank complete control over a situation.
Bankers like to tell about how borrowers come to bank and throw keys from the car or apartment on a table to the credit manager. Certainly, in such stories they expose themselves as victims – say, the credit isn’t extinguished, and pledge in the conditions of crisis is illiquid. But actually in loss, as a rule, there is a borrower who loses property and frequently also remains to be the bank debtor.
Not to remain in a minus, it is necessary to consult with the lawyer and to take pledge sales process under control. To illustrate, how much it is important, we have collected real stories of the former borrowers that had to refuse from the taken in credit car or the apartment.
Problem 1: pledge sale at cut price
Natali has acquired two-room apartment in credit in 2005. In crisis she has lost work and couldn’t repay the credit further. Then she has made decision to sell apartment in the capital city and to move to parents in other town. Personally she could not sell apartment, she has delegated responsibility to the bank employee.
The debt remainder constituted 40 thousand dollars, and the sum from pledge sale should suffice on debt acquittal with interest (average cost of similar two-room apartment in the autumn of 2009 fluctuated from 60 – 75 thousand dollars). Everything that it will be possible to gain over a credit amount, bank employees have promised to list to Natali. Within a month the apartment has been sold, but any “superfluous” money as it was found out, doesn’t remain. Bank employees told to the borrower about “dead” real estate market, how it was difficult to find the buyer. In general, even having checked up all details, the borrower couldn’t prove that bank employees was a simple swindler. Yes they basically also aren’t interested in sale of mortgage property for a ceiling price. It doesn’t enter into their obligations. They have enough of that the credit will be extinguished. Though it at all doesn’t exclude availability near to such employees quite interested in the maximum revenue of realtor and collusion between the bank clerk and intermediary. Therefore to count on a profitable transaction through bank it is not necessary.
What to do: to Sell apartment it is better. If there is no such possibility it is necessary to arrange the order agreement correctly. If market price of mortgage apartment much more above, than the remainder sum under the credit, it is necessary to fix the minimum selling cost in the order agreement, which borrower signs at cession of property for realization by bank.
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