Mortgage restructuring by state
Mortgage provides the opportunity to purchase their own housing. In each bank, it has its own conditions, requirements for borrowers. Mortgage restructuring is often performed. To determine what it is, you need to parse this concept in detail.
What is a mortgage?
Not everyone has the money to buy housing, so a mortgage is being issued. This is a loan where the property is the property of the borrower, but is held as collateral with the bank If the client fails to fulfill his obligations, then the lender has the right to sell the collateral to cover losses.
Although the mortgage allows you to purchase your home, at the same time, it should be borne in mind that when you make a mortgage, the security of solvency is required for a long time. Now it is especially important because of its many different reasons: changing jobs, reducing income. The bank does not care what factor prevents the client from paying the loan. If it is not possible to do this, then in this case mortgage restructuring is proposed.
Mortgage restructuring is not yet very common.This is due to the fact that such a service is beneficial only to the borrower, and the bank will receive payments, but not in the same way as before. In this case, the loan conditions change, due to which the client receives acceptable mortgage payment terms.
With this procedure, payments are not reduced, and obligations to pay the debt are not removed. The borrower must continue to pay the loan, but it provides favorable conditions. Changes may be different, for example, a new procedure for payment of debt or the amount of payment is assigned. In some cases, the client is entitled to pay only interest on the use of bank funds. And the payment of the principal debt will be carried out later.
Conditions for the procedure
Mortgage restructuring is a difficult task, but if you give it time and attention, you will be able to improve the conditions of debt repayment. The borrower must prove to the bank that this procedure is indeed required. It is necessary to collect a list of documents with the help of which a difficult material situation is confirmed.
You should not delay the recourse for help, as if there is a delay, it will adversely affect the decision to apply restructuring.If previously there were no difficulties with the financial organization and there are all the necessary documents, then favorable conditions will be offered to the client. But sometimes banks do not agree to restructuring, and then you need to find another institution that performs the procedure.
In each case, a different mortgage restructuring. Reviews show that many citizens use this service. In their opinion, this helps to ease the repayment of debt, if earlier this caused problems. But in order for the procedure to be carried out, you need to collect a list of documents:
- employment history;
- certificate of income;
- application form;
- confirmation of debts in other loans or their repayment;
- the contract;
- copy of the mortgage.
Additionally, they may require a marriage certificate, a certificate of education, medical certificates. Sometimes you need to provide a military card or registration certificate, proof of ownership of real estate.
If real estate company services are used, it is necessary to submit the right to property, insurance services, as well as co-borrower's documentation, if any.
Types of procedures
Restructuring mortgages with the help of the state is carried out in different ways. The client may be asked not to repay the loan for some time, and pay only interest. This period is equal to several months. This option involves stretching the time of payment.
The mortgage is being restructured by the state through refinancing. The debtor will need to take a loan from another bank and pay off the debt with these funds. The advantages are that the conditions of the second institution are more profitable than in the first. It turns out that the amount of debt is reduced.
Mortgage restructuring can be framed by extending the loan term. In this case, the debt repayment period is extended, due to which the amount of payments is reduced. The client has the opportunity to pay the loan ahead of time, while he does not pay interest for the use of other people's funds. Thanks to this, the borrower can save.
Mortgage restructuring in Sberbank can be accomplished by abolishing fines and penalties for overdue loans. Such a procedure is possible if the borrower promptly applied to the bank.and also provided relevant documentation.
Mortgage restructuring in Sberbank to an individual is sometimes performed by changing the currency of the loan. This usually occurs in cases where there has been a change in the exchange rate. The state also provides assistance in paying for a mortgage. The law shows that a mortgage of 25-70 percent is paid off for a bank customer. Everything is determined by the amount of debt.
How does this work?
The procedure became possible after the entry into force of the resolution signed by D. Medvedev in 2015. Carries it AHML. Mortgage restructuring involves reducing monthly payments to 12% per annum. The lender is given a deferment on the debt up to 6 months. The remaining amount to the bank is paid by the state. This reduces the financial burden of the borrower.
To take advantage of state support, it is necessary to fulfill several conditions. They belong to the mortgage housing, which is in the pledge. Real estate should be the only borrower. A bank customer may have another dwelling if he has 50% of the living space with other family members.
Mortgage restructuring in Sberbank is carried out only with low-cost housing. Price 1 square. m should not be higher than the market average by more than 60%. The area of housing is important. If this is a studio apartment, then its size should be no more than 45 square meters. m, for a two-room maximum parameter is 65 square meters. m, and for the three-room - 85 square meters. m. Mortgage issuance should be no earlier than a year before the restructuring. Who can get a subsidy?
Only certain categories of citizens can be framed mortgage restructuring. VTB-24, Sberbank and other institutions carry out the procedure for the following clients:
- citizens who are parents of minor children;
- war veterans;
- disabled people.
The procedure is executed in respect of bona fide clients who have material problems due to a decrease in income or due to a job loss. Therefore, there should be a confirmation that in 3 months there was a decrease in income of at least 30%.
If, after paying the monthly mortgage amount, less than 2 living wages remain for each family member, then in this case it is also necessary to issue a subsidy.When all requirements are met, the borrower must submit an application. Although it does not allow to completely get rid of the debt, it still makes the loan available due to a decrease in interest.
What should the debtor do?
To use material support from the state, you need to contact the bank where the loan was issued. You must submit an application with the appropriate requirements and documents. The application is reviewed within 10 business days.
After that, the borrower receives a response. It is usually voiced by telephone, but it can also be done in writing. If a confirmation of the need to perform the procedure is submitted, then a positive decision is made.
"Home Credit Bank"
This financial institution has a credit rehabilitation service. It is used in cases where there are delays in paying the debt. Every client can take advantage of this. To do this, you need to fill out an application on the site, indicating the personal information, the reason for contacting
You also need to specify the factors that interfere with the timely payment of the loan. It is necessary to indicate the restructuring option. After consideration of the application the client is issued a response.
Sberbank offers borrowers 2 options if a difficult situation has occurred. This is a change in payment terms or credit holidays. The procedure is made out only with confirmation of a difficult financial situation.
Participates in the program and "VTB-24". Mortgage restructuring is carried out with the help of financial support from the state. The application is issued in the standard way. The client pays part of the loan, and the rest is returned to the bank by the state. It is important for the borrower to prove the deterioration of his material condition. Applications are considered individually.
In addition to this service, the bank offers a list of others that can improve the position of customers. You can learn more about them on the VTB-24 website. Mortgage restructuring is processed quickly through this bank, as the application is considered within a short time.
In this institution, the restructuring is valid for mortgages, car loans and cash loans. The procedure is made to increase the period of payment or deferment of payments. The client needs to contact the bank where the loan was issued.
It should be noted that this service is not formalized by all organizations, but it can still be performed.If there are difficulties with payments, you need to contact the bank that designed the loan. Usually, institutions are loyal to their clients, so in case of difficulties, assistance can be provided. It is necessary to state in detail the problem, and also to present documents.
This organization also cooperates in AHML on a contractual basis. But on the official website information about the restructuring is not available. This indicates that while the bank does not provide such a service. Representatives believe that this service will be performed, but the exact dates are not announced.
Detailed information on debt restructuring needs to be found out in the bank branch. Rosselkhozbank is a state organization, so there should be no difficulties with this procedure. If the borrower fits the criteria, then he should ease the payment of the loan.
Before restructuring, the client should be familiar with several principles of the procedure:
- the creditor is not entitled to charge additional funds;
- even with the use of state aid, it is necessary to make payments every month, as well as pay fines under the contract;
- the lender can fully or partially forgive the borrower fines that appeared during the period of deterioration of solvency;
- the borrower must fulfill the obligations of insurance, which is spelled out in the mortgage agreement;
- The period of consideration of the application is established by the internal procedures of the institution.
When a client timely addressed his problem, then banks meet him halfway. In these cases, the repayment period increases, the decision on credit holidays is made. You may receive a proposal on refinancing to another program. The client has the right to use the services of projects of other organizations.
Significant assistance is provided by the state program, under which part of the debt is compensated. Also, the client may be offered a rate reduction, making it easier to pay the loan.
Benefits of the service
If a restructuring is made, the client gains the following benefits:
- maintaining a positive credit history if there were minor payment delays;
- exclusion of lawsuits that adversely affect the human condition;
- saving of own funds, since favorable terms of loan payment are offered;
- bankruptcy is excluded, as new payments and terms are approved.
Thanks to restructuring, the client completely gets rid of fines and penalties. Also, no enforced debt collection will be followed by bailiffs. The borrower can only comply with the new conditions, and then there will be no problems. Therefore, if there are difficulties with timely payments, you must contact the bank.