2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
Sooner or later everyone has to take bank loans for large amounts. In order to confirm your solvency, you need to either make a significant down payment or bring reliable guarantors. If this is not possible, then there is only one option left - to take a loan secured by existing real estate. If the payer repays the loan on time or ahead of schedule, then the burden on the apartment or car is removed. If a situation arises in which there is nothing to pay, then the bank can sell the pledged property.
When banks sell collateral
Alfa-Bank's collateral can be represented by apartments, non-residential premises, cars and even shares. Everything that can potentially be put up for auction and bring income, with which the bank compensates for the lack of loan payments, is taken into account.
The sale of collateral by Alfa-Bank is carried out only on the condition that the borrower does not fulfill its obligations specified in the loan agreement. This may be repeated default on the loan, as well as the lack of the borrower's desire to resolve the conflict.
Debt restructuring
A borrower who has lost the ability to pay a loan should be the first to respond to the situation. He can contact the bank and write a statement outlining the circumstances that have arisen (this may be the loss of a job, a serious injury, the death of a loved one, and other good reasons). If the client up to this point had a good credit history, made payments on time and established himself as a conscientious borrower, then in this case the collateral of Alfa-Bank may not be the subject of proceedings. Instead, the client receives an installment plan to pay off the debt. If he does not fulfill his obligations, then the court procedure will no longer be avoided.
Legal nuances of the sale of property
Let's consider the features of how collateral property is sold. Alfa-Bank contacts the client and works out the issue of refinancing the debt. The financial institution is in no hurry to go to court, as this means additional costs for the process.
If the bank goes to court, then by decision of the court, bailiffs initiate enforcement proceedings. It is important to know that if residenti althe premises is the only place of residence of the debtor, then it is impossible to foreclose on such property.
Sale of property by agreement between the client and the bank
The procedure for the sale of Alfa-Bank's collateral property provides for several scenarios for the development of events, the first of which and the most loyal (in terms of the absence of the need to defend one's interests in a lawsuit) is the sale of the pledged property by agreement between the parties.
In this case, the borrower is involved in the sale of property, but the bank helps him in this. For example, an advertisement for the sale of property can be placed on the showcase of the collateral property of Alfa-Bank. This will help attract buyers, and the price in case of an agreement between the borrower and the bank in such a sale will be much higher than if the property was sold without the participation of the debtor.
Transfer of title to sold property
If the collateral property of Alfa-Bank was sold under an agreement between the credit institution and the client, then the debt is repaid, the bank and the borrower, who could not make payments on the loan, draw up an act of absence of mutual claims. The encumbrance is removed from the subject of pledge from Rosreestre, and the ownership right is completely transferred to the new owner.
Change of debtor
If a new client purchases an apartment on credit, then in fact the bank simply changes the debtor, and for the period of the mortgage loan, the owner of the property will still bebank.
Favorable installment plan for the purchase of collateral is possible when a new buyer makes a significant down payment. A credit history without delinquency is a prerequisite for such transactions.
Forced implementation
If it was not possible to agree, or the client had delays in payments and the credit institution does not inspire confidence in the upcoming joint sale transaction, then the issue is resolved through the court.
If the court decides the case in favor of the bank, the bailiff service will handle the auction procedure.
The initial price is determined as follows: an independent appraisal of the sale of Alfa-Bank's collateral is ordered. This price will be the starting price during the auction. As a rule, the lender pays for and organizes the assessment procedure.
If the auction did not take place
If, following the results of the procedure, it was not possible to sell a car or an apartment, then the procedure is repeated according to the same scenario. The only difference in this case is the initial price of the transaction - it becomes 15% lower.
If the second procedure did not take place, then the property is put up for auction again, and the price becomes even lower.
Thus, for a potential buyer, if he monitors the stages of the auction for the item he is interested in, the third or subsequent sale may turn out to be profitable, because the price of the object will be much lower than that accepted on the market. And when the encumbrance is removed, and the buyer has a fullthe right to dispose of it, then he can sell it at the market price and get a good profit.
By the way, many car buyers successfully use this scheme. They auction a used car at a low price and then sell it at market value.
Pros of buying confiscated goods from Alfa-Bank
"Alfa-Bank" is a financial institution with a reliable reputation, so all transactions involving this financial institution are subject to multi-level verification. You can be sure of the purity of the transaction and the prompt execution of all necessary documents.
Why you should participate in the auction organized by the bank:
- You don't have to spend money on the assessment, the bank will do it.
- The purity of the transaction - the bank also takes care of the settlement of legal issues.
- Quick registration of the contract.
- Price of collateral is usually well below market average.
How to protect yourself from risks
Despite the security of a transaction involving a financial institution, there is always a risk that the former debtor will go to court to challenge the transaction. The result of such a lawsuit is unpredictable, therefore, before the transaction, you can conclude a preliminary agreement with the former borrower, according to which he waives claims against the future owner of the property.
It would be prudent for the transaction participant to also rent two safe deposit boxes - forcredit institution and seller. Access to the funds pledged there in advance will be open only after registration of the right to the object of pledge in the justice authorities.
Such simple methods will protect the client from many risks and claims, and will become an additional guarantee of the legal purity of the transaction.
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