Mortgages
Foreclosed homes, the solution?
April 21, 2012 | Author Mark
Failure to pay a mortgage, or exchange that banks make debt for real estate developers and construction companies are the main sources from which their foreclosed homes. Thus, since the banking crisis has burst and has slowly been gathering a significant number of properties of this type to be dispatched. Its distinctive: the acronym IPE, which is hidden under the label Coming Foreclosure Property.
The real estate portals are witnessing how their databases are beginning to have homes where their owners openly acknowledge being in foreclosure. Some might start rubbing their hands thinking that will make the deal of the century when buying a repossessed flat but is it a bargain is pure of heart attack or commercial claim?
History of a seizure
The embargo is the end of the end of a process that starts when the holder of a mortgage is seen in smoke and stop paying monthly letter. In this situation the bank alarms go off, and soon gets in touch with your customer to ensure that the default has not occurred by mistake or oversight. If the default persists, the savings bank or promote a rapprochement with the client, especially if it has been anticipated and has informed their managers their payment difficulties. This is the time when the bank tries to find a solution to the problem that is looming, as any embargo is a traumatic process in which neither party wants to “be stuck”. Therefore, the bank outlines various solutions to try to ease the mortgage payment. Grant grace periods in which the customer only pays interest on the loan, extend the term of the mortgage, or accept a partial deferment of payment of bills are some of the tools which the entity has. But at this point the debt is even greater because the mortgage holder continues to accrue interest for late payments monthly.
Within about six months from the date of first default, if the mortgage holder fails to comply with the Read the rest of this entry »
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Madrid be fined up to 600,000 euros to the entities that are not well informed about mortgages
January 11, 2012 | Author Mark
The governing council of the Community of Madrid has approved a bill to promote transparency in the mortgage contract, which will be forwarded to the regional assembly now to come into force in three months. its purpose is to ensure the transparency of credit institutions provide their customers and provides penalties of up to 600,000 euros for those who violate the norm
The aim of the new rule is to ensure the right to consumer information, therefore, be essential that the signer of a mortgage knows what he is committed to its heading. Thus, the community of Madrid wants every new mortgage bank out of knowing exactly how to respond in case of default on the debt, if only the house (ie, a mortgage payment in kind support) or all its assets
entities have to provide written information to consumers “particularly detailed” data that identifies all of the Read the rest of this entry »