Housing Loan Installments Are Not Paid What Happens If The House Is Sold Use and interest rates are increasing day by day, but there is no such increase in consumer income.
Therefore, the fact that the allocated loans cannot be paid in installments and the debts are delayed and unpaid housing loans have become a frequent situation.
Consumer Loans Regulation
If consumers do not pay their installments after using housing loans, they may face various sanctions and these sanctions are explicitly stated in the Consumer Loans Regulation and loan agreement. Now, the most curious one that will talk about these sanctions for you; What Happens If Housing Loan Installments Are Not Paid We will try to answer your question.
Housing loans are delivered with mortgages and the real owner of the property becomes the consumer after the installment payments are over.
Therefore, it is possible for the bank to claim rights and even put the property on sale due to any problems in the payment process. Before coming to this point, it would be useful to mention various critical recommendations and what will be encountered in the delay process.
Bank’s Debt Notification
Banks make a debt notification if two installments are delayed within one payment period and demand that the third not be repeated. When he makes this notification, he reminds that both installment debt has been paid, otherwise he may apply for his legal rights in the future.
The bank statement is usually a warning and it is not right to mention that there is a serious sanction. What needs to be done at this stage is to close the delayed debts and do not delay the installment payment again.
Transfer of Debt to Lawyer
The debts of the consumers who have not paid their debts even though they have made a notification can be transferred to the lawyer as stated before and the new interlocutors of the consumers are the lawyers. The lawyer requests that the remaining debt be paid in full. Consumers have the right to structure debt or to request various solutions.
What needs to be done at this stage is to pay the remaining debt from the past period and try to persuade it in some way. It should not be forgotten that there is a mortgage housing card that lawyers can put on sale if they cannot allocate the debt from you, and therefore requests for configuration may be rejected in advance.
Sale of Housing
The bank, which is unable to allocate debt by lawyers, insufficient consumer initiatives and other reasons, makes the sale of the housing it holds under the mortgage. Sales can be made through the tender procedure, as well as direct sales to the person.
After the house finds a buyer, the money remaining after the bank’s debt, the lawyer’s commission, and other expenses are deducted is given to the consumer. After this sale, there is often a very serious loss for the consumer.
Housing sales are generally made after the unpaid debt has passed 4 – 6, but it should be remembered that the bank has the right to do so as of the 3rd month.
If you are unable to pay your mortgage debt and you cannot see it, you should apply for a configuration without waiting for the bank to transfer the debt to the lawyer. Most of the structuring negotiations with the bank before the debt is transferred to the lawyer result in positive results and the debt can extend over the long term with very small installment payments.
If the configuration application has failed and the debt is to be transferred to the lawyer, sell the house as a last resort. Rather than being willing to pay less than the lawyer cost and value, selling the property yourself will help to reduce costs significantly.
The sale of mortgaged housing takes place through the debt transfer procedure. The person who buys the house actually takes over your debt and becomes the owner of the house under the mortgage. If the sales amount is more than the debt to the bank, the amount is paid to you by the bank.