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When mortgage rates went down, many families took out loans to buy an apartment. But not everyone has enough money for monthly payments – the crisis has dragged on for too long. There are several ways to get out of debt.
It is impossible to ignore the financial requirements of the bank: by refusing to make payments, the client becomes an unscrupulous borrower, he is charged with fines and penalties, in addition, the credit history deteriorates, and this reduces the chances of obtaining a loan in the future. It is better to use one of the options for resolving the issue, the choice depends on the circumstances.
Credit Holidays
This is the period when you can not pay off the body of the loan (principal debt), but transfer only the interest on it. Contact the bank with a request to provide an option, describe the situation that caused the decrease in income, for example, layoffs, salary cuts. Support words with documents. This option is suitable if you are looking for a job.
Postponement of payment date
This is rather a half measure, it is good if the difficulties are temporary – the money will be credited to your account in a few days, and you are absolutely sure of this.
Debt restructuring
The option allows you to reduce the financial burden. The loan term will increase, but the monthly payments will be lower. However, this increases the overpayment, because the longer the client uses borrowed funds, the larger the amount has to be paid. The option is reasonable, if the family’s income has decreased, there is no hope of normalizing the financial condition in the foreseeable future, but after recalculating payments per month, up to 40% will have to be transferred to the bank earnings.
Loan refinancing
This option is unlikely to be suitable for borrowers who have taken advantage of the preferential mortgage program. The essence of the option is to transfer the loan to a bank that provides loans at a more modest interest rate. Mortgage rates vary, so it is possible to choose a wallet-friendly program. There are disadvantages – there should be no delay in payments, you will have to re-evaluate the real estate (paid service), renew the insurance contract. It makes sense to choose this method of reducing the financial burden if the debt is still large and even taking into account the above costs, transferring a loan to another bank remains a profitable measure.
Sale of mortgaged real estate
This will require the consent of the bank, since an encumbrance is imposed on the mortgage apartment. A loan agreement always has an attachment – a mortgage. The method is good, if most of the debt has been paid, then you can count on the understanding of the financiers. There is a minus – the consent is valid for a certain time, and the sale of an apartment is not a fleeting affair.
Replacing a mortgage loan with a consumer loan
The goal here is to close the debt and sell the property. The proceeds are used to repay the new loan. The option is admissible if there is a buyer: the faster the transaction takes place, the less you will have to overpay on a consumer loan. Interest on it is always higher than on a mortgage. The main contraindication is that the cost of the apartment is below the loan balance. This is possible, as many clients bought properties during a period of high rates. It is also necessary to have in reserve the amount for regular payments on a new loan, because the money from the buyer can be received only after registering the real estate in Rosreestr.
Important!
You can not trust scammers who post ads on the Internet from the series “help to write off debts.” The service will turn out to be bearish, but by no means free. It is possible not to pay on the loan legally, only by declaring yourself bankrupt. But this is real only if the amount of the debt does not exceed 500 thousand rubles. In addition, the procedure has many drawbacks, one of which is a damaged credit history.
You should not perceive the bank as some kind of evil substance, consisting exclusively of enemies who have set themselves the goal of driving you into a debt trap. It is not profitable for credit institutions to increase the share of overdue debts – because of this, banks are forced to increase reserves for problem loans, which not only reduces the volume of working assets, but also hits their ratings and reputation. So, having got into a difficult situation, it is worth collecting as many documents as possible confirming that you are not trying to evade loan payments, but really, due to objective circumstances, need to reduce the financial burden. Try to cooperate with the bank, convincing him that you are a bona fide borrower.