Pros and cons of buying mortgage auto and housing





23.01.2011 14:16
To purchase, you can save up to 40%, but you can burn.

Over the past year and a half in newspapers and on Web sites with ads to sell cars and housing appeared Sea tempting offers. Often, the prices in these ads are 30-40% different from the average. For example, a sin not to accept a reasonable man to buy a "seasoned" car for $ 6000, when his peers are at $ 12-13 tysch. Or, who refuse to buy "kopeck piece" in the capital's residential area for $ 45,000, when the number of the same on sale for $ 65-70 thousand?

Some of these ads, of course, turns an ordinary zamanuhoy real estate agencies ("Yes, it was so flat, but it flew like hot cakes! Let podyschem you another option?"), But most often it comes to proposals on the cheap to buy the collateral. The one that the bank took a borrower for the loan or debt which is sold with the knowledge of the debtor, writes today.

Proposals really are quite attractive and, most interesting, very real. However, with pitfalls, and sometimes such "heavy" that they can easily deprive the borrower of any rights to acquire property. So we decided to look into the basic schemes foreclosure cars and housing. It was found that the more advantageous offer, the treacherous pitfalls.

Buy from DEBTOR

How it works. Collateral apartment and car trade, not only banks, but the borrowers themselves - if for some reason can not pay the loan. They do not conflict with the bank and go to meet him, agreeing to sell the collateral: the money will go to debt repayment to the bank and the balance, if it happens - will return to the debtor.

In this case, the bank often comes to his aid: the borrower is seeking a buyer for its collateral channels (ads, real estate agencies), financial institution - on his own (through its website, for example). When a buyer there, the deal between him and the seller-borrower "bless" the bank - without his knowledge as a mortgagee sale is not possible.

Good, but expensive. The fact of sale of collateral under the control of the bank - a big plus for the buyer. The bank is interested in paying off the bad loans and therefore monitor the correctness of the transaction, that it has subsequently been challenged by the borrower and he (the bank) did not have to return money to the buyer of mortgage. That is, the legal risks of such purchases to a minimum.

Moreover, in this case, the bank has an opportunity quickly to withdraw an apartment or a car from the register the mortgaged property, and the buyer - no problems making a purchase in his name. If the buyer does not have enough money to purchase a mortgage, the bank may issue a credit. Terms of these loans are similar to conventional mortgage loans: rate - 17-18% pa in UAH, loan term - 5-20 years, the first installment of the 30-50% of the price of the object.

The absence of serious flaws in this scheme will fly to the buyer pledge a pretty penny. According to the Head of the Department claims work OTP Factoring Ukraine Alexei Poliakov, a voluntary sale of cars or apartments, usually occurs at market prices (with a forced sale of mortgage object can be 30-40% cheaper than the market average) . "Discount perhaps, but not more than 5%. After all, before the borrower is the problem of debt repayment to the bank and he is still interested in selling property and closing of the debt, "- says Mr. Polyakov.

DEPOSIT WITH CREDIT IN EXERCISE

How it works. This scheme is similar to the purchase of a mortgage borrower. "The essence of the assignment of debt is that the original borrower for a certain price to the borrower sells the new property with the balance of credit", - said the representative yurkompanii "Alex Pooh & Partners Roman Chumak.

GOOD BUT UNREAL. The main plus assignment of debt - a new borrower receives a loan for the pre-crisis conditions, that is a 12-14% per annum in foreign currency. Besides, he does not need to bear start-up costs in obtaining credit (commission, etc.). Advantage is the cleanliness and legal transactions. "Here, in fact there will be no risks - all transactions will be processed in the bank. In this case, will attend the same notary, who assured the mortgage agreement. This version is even better purchase through a realtor - you know the story of an apartment, it is not fraudulent, "- said Alexey Polyakov.

But to win approval of the transaction by the bank is not easy. For example, a new borrower will have to prove their ability to pay (income must be at least 2 times greater than the payment on the loan). But the main problem lies in the fact that the assignment of debt - a fantastic option.

"If a borrower took an apartment at the peak of prices and it is paid by only 5-10%, then this deal would be disadvantageous to the buyer of collateral as the loan amount will be much more than the market value of the apartment. If the apartment is paid, such as half, the first borrower is simply not profitable to sell it - he will negotiate with the bank. That is, assignment of debt by banks is practiced, such cases were, but willing to queue, I do not see ", - says Alexey Polyakov.

Confiscated OFFER: Attractive, but dangerous

How it works. Most of the apartments, which are large discounts available for sale on the internet and in newspapers - a bank of confiscated goods, which is marketed by force, without the consent of the borrower. "The borrower owes the bank money, does not want to compromise and barricaded himself in an apartment or do not come at the request of the bank's loan cars.

Bank goes to court and seek permission to sell the collateral. Alternative - Executive sign the notary, which gives us the right to sell the property without a court order. After that, the bank may apply to the state executive service and sell mortgages through specialized trade organizations ", - explained Alexey Polyakov.

To participate in the auction for the sale of such property to a potential buyer must pay an entry fee (usually from 3 to 15% of the realizable property). If the property was not sold with the first auction (for example, bidders were less statutory three), a repeat, but at a reduced price - by 25-30% cheaper.

Profitable, but risky. The main plus of the purchase of confiscated goods - low price. It turns out "thanks" to the fact that sometimes the property is not sold on the first and even second auction, and each time the price of the object is reduced by 25-30%. Often, the price of collateral reduces the bank itself.

"Generally, collateral is sold with some kind of problem. Therefore, we consciously give a discount to the buyer of a material of interest to solve these problems, "- said Alexey Polyakov. These buyers, according to bankers, as a rule, are professionals who know how to solve the numerous problems arising during the forced sale of property.

Pig in a poke. Problems that may arise when buying a mortgage and auto apartments are generally similar. For example, if the housing collateral is sold without the consent of the borrower, it is likely the buyer will get flat with tenants who will need to evict literally on their own. Same problem with the car. "Borrowers rarely own cars returned to the bank.

Typically, the bank announces a car in search and traffic police had already delayed the car and puts it on shtrafploschadku. Buying a car, you should be prepared that it may be without documents, keys and poorly maintained, "- said the lawyer SBI" Protecting the rights of consumers of financial services "Alla Semenchenko.

DEAL can challenge. By purchasing a mortgage, which is sold without the consent of the borrower, the buyer risks losing it. "In the primary borrower has several reasons to cancel the sale of collateral. For example, the former owner may sue if it considers that the auction price was too low.

Spouse of the former owner of a pledge may request cancellation of the original loan agreement because he did not know about his detention, cancellation of the sale of collateral, as it does not give her consent, as well - if he wants to demand the money from the sale of property, such as alimony "- said Alla Semenchenko.

In theory, do not worry - by law if you cancel the transaction the buyer should pledge to get their money back. But in practice it is not realistic - to seek a refund to the buyer will have to court. Besides, he probably would not be able to return the full amount as part of her leave, for example, the services of executive service.

WHERE TO FIND THE CHEAPEST CAR AND HOUSING

1. Web sites of banks. Since early 2009, available from almost all banks were special pages with information about the sale of mortgages. Ads appear here as a volunteer (with the consent of the debtor-owner of the property) and the forced sale.

2. Site trade.informjust.ua. This is the official website of the System sale of confiscated and seized property, established by the Ministry of Justice. Here there is information about the auctions on sale of property, which was forced through the court seized from borrowers who could not repay the loans.

3. Newspaper ads and websites. Yes, yes, the usual newspapers with ads. Since the bank, and sometimes he borrower interested in selling the home, then they were using all channels of information dissemination on its site.

4. Internet Exchange. On Web sites like zalog.tender.ua, planetavto.com.ua, zalogshop.com.ua, planetestate.com.ua collected for sale of mortgages for all banks. Typically, these sites only reduce the buyer and seller and do not offer yurpodderzhki to make a deal - it can make or creditor bank, or will have to apply to lawyers.

BUYING THE RIGHT MORTGAGE

Purchase of collateral, although beneficial, but still risky. Our experts have given some tips on how not to be trapped with the pledge. "Buying mortgage housing, always look for the presence of the registered minor children, the consent of the spouse to sell the property, otherwise you risk being caught up in lengthy court proceedings" - advises Roman Chumak.

If you are interested in some collateral auto auction to try to get as much information about it, try to examine it, find out if the car documents and keys from her. "If the seller offers to sell you mortgage auto proxy and said that the bank decide on himself - do not believe it! This transaction is fraudulent. Bank through the court revokes a power of attorney or deregistration of cars as collateral can only occur with the consent of the lender "- warned the press service of" Privatbank ".
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