Let me tell you in this article about 5 effective methods of how to solve the financial problems of the borrower:
There are some methods to solve the problems caused by impossibility of the borrower to extinguish bills of debt taken on. To them concern: independent sale of mortgage property, debt re-structuring, sale of mortgage property together with the credit, reception of money for loan payment (by property realization), return to bank of object of crediting.
How all these schemes work and what it is necessary to make for the operative problem resolution? So let us answer these questions together. By the way, by its estimations, in many countries there was a difficult situation for the borrowers who have assigned to of the obligation in currency. Because its rate with the crisis beginning has sharply increased also the majority of citizens not in a condition in due time to pay off with monetary institutions. Owing to it by specialists it has been developed a number of the techniques allowing operatively solving a material problem of borrowers. We will consider some of such methods.
1. Independent sale of mortgage property. Assumes advanced repayment of credit obligations to monetary institution by means of the third parties, wishing to acquire object of crediting at the borrower. For realization of this scheme specialists recommend obtaining beforehand the permit of bank to removal of a prohibition of alienation of property, having changed some treaty obligations concluded in a bilateral order between the physical person and the creditor. The bank, as a rule, doesn’t protest against realization of similar operation since in the conditions of crisis, reception of means from hopeless borrowers is satisfactory result of financial activity of the enterprise operating with debt capital.
The basic problem consists in search of the client, capable to lay out ready cash for the property which cost is established by the borrower. The price of object of crediting should block the sum of credit obligations – only in this case the problem bank customer won’t incur losses. However the seller not always manages to persuade the buyer to acquire mortgage property at the market price since “rescuer” has some advantages in current situations and have the right to lay down the conditions.
2. Debt re-structuring. It allows to get rid of credit obligations on the certain time interval agreed bank representatives. For realization of this scheme, it is necessary to address to the creditor with the request for a payment adjourning. Monetary institutions with understanding concern similar statements of borrowers as they are interested in the qualitative duties discharge, assigned to clients. At bank representatives also it is possible to obtain the permit to payment only percent for use of “another’s money”, for a while having forgotten about credit “body”. Though change of treaty obligations also provokes increase in an amount of debt, it allows the borrower to stretch the period of payments, having minimized consequences of time insolvency.
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