What will happen if you do not pay the mortgage and what if there is nothing to pay for it?

Hello, my name is Sergey Nikolaevich. We bought an apartment on a mortgage and now it has become difficult to pay the bills. Tell me, what will happen if I do not pay a mortgage?

The essence of the mortgage is a pledge agreement of the purchased property. In case of non-compliance with the terms of the debt agreement, the financial structure takes measures against the borrower. Therefore, it is important for any borrower to pay the mortgage on time and in full.

Often there are times when people cannot make the necessary payment to a bank account. The reason for this may be different circumstances, for example, delayed wages, dismissal or the emergence of the first need for funds for other purposes. The result is an overdue payment.

If the loan is not paid on time, the bank will apply penalties and charge interest.
With a systematic non-payment of a mortgage loan, the lender has the full right to file an application with the judiciary in order to seize property. In court proceedings, the borrower does not have another living space.

As a rule, banking institutions go to court to sell the property of bankrupt and debtors, if all attempts to influence the debtor are in the end. This method of returning money to the bank is not very profitable. Since the sale of seized property does not cover all costs.

The borrower may ask the bank manager to restructure the loan (mortgage refinancing) in case of insolvency within the agreed period by the contract. In this case, the bank may extend the entire mortgage maturity, thereby reducing the amount of the monthly payment or suspend loan payments.

The most profitable mortgage programs of Russian banks

Today you can get a mortgage in many financial institutions. However, each bank puts forward its conditions for this loan. The most profitable Russian mortgage programs for consumers offer the following institutions:

Sberbank - since the beginning of the year, provides loans at 12% per annum. The name of the program is "Mortgage with state support."
VTB - Draws up a mortgage loan at 11.9% per annum. The program is called "New buildings with state support." Housing is purchased in the elite areas of the capital.
Moscow credit bank - a loan with an annual rate of 12.9%. Possible registration of mortgages throughout Moscow. The name of the program is "Mortgage in the secondary market."
RosEvroBank - mortgage at 11.45% per annum. The name of the program is "Mortgage Apartment". The peculiarity of obtaining a loan is the term for obtaining a mortgage of 7 days.
Tinkoffbank - mortgage at 10.9% per annum. The name of the program is "New building with state support." A feature of this loan is the ability to arrange a mortgage through the Internet.

findings

To date, obtaining a mortgage is a rather delicate process that requires special attention. Having decided to take a mortgage, it is necessary to take into account possible economic crises and be sure of your own income. You can read in more detail in the article - “How to buy an apartment on a mortgage and where to start better”

A home loan is extended over a longer period. Therefore, before applying for a loan you need to think very carefully whether it will always be possible to pay cash contributions or not.

We hope we could answer your question. Sincerely, Richpro.ru team!