Mortgage home loans – a long-term credit extended to individuals (citizens) for the purchase of housing. The loan is granted under the provision. Collateral for a loan to buy housing advocates, to which the contract is made a pledge (mortgage). Continue reading »
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Banks require the couple to bear an equal responsibility
Bank requires from spouses who are legally married, bear equal responsibility to pay the mortgage. Involving the other spouse as a co-borrower or as guarantor, the bank reduces the risks that may arise in case of divorce …
If the apartment bought under the mortgage on the secondary market, the bank will require the borrower to insure the purity of the title. The name “title insurance” – The American practice. In other words, in this case, fear of losing ownership of the apartment.
Requiring the bank to insure the apartment bought on the secondary market, it is justified. When the real estate bought and resold several times, the danger of the emergence of new, more “forgotten old” owners is very real. For this reason, the bank requires from spouses who are legally married, bear equal responsibility to pay the mortgage.
Involving the other spouse as a co-borrower or as guarantor, the bank reduces the risks that may arise in case of divorce. “If for some – the reason a loan is not repaid and there will be litigation, the bank will foreclose on property that is the subject of the pledge – Wong says Komm, deputy general director of« Creditmax ». – If the obligations under the loan agreement will be brought the other spouse or as a co-borrower or as guarantor, then there will be less likelihood that there are any additional problems with foreclosures on the subject of the pledge. ”
“Assets acquired through credit facilities, is burdened by the law, co-borrower, as a legal spouse, acquire real estate in general shared ownership – answering the question« RBC.credit »Nic Konn, CEO« Credit Mart ». – After the divorce, former spouses are entitled to share property acquired during marriage, and co-borrower may want to emphasize to the acquired shares by using funds immovable property and to withdraw from the loan agreement. ” In this case, the expert emphasizes, “allotment, will be saddled with a pledge to the moment of execution of outstanding debt under the credit agreement, irrespective of who will be responsible borrowers.
If you wish to take a mortgage loan is the only one spouse, the second can not be a co-borrower. “One of the spouses may not be a co-borrower in the event of the marriage contract providing for separate treatment of apartment ownership and, accordingly, liabilities. In other cases, the bank will require the other spouse as a co-borrower “, – says Dan Koby, Head of Legal Department of the City Mortgage Bank.
Respondents «RBC.credit» credit market practitioners, experts noted that cases of section borrow equipment are rare. According to psychologists, it is – not an accident. “The joint commitment – a serious foundation for family life – confirms Sofia Schnoll, a psychologist at the medical center “family doctor”. – Therefore it is not surprising that the number of divorces in such families are much less. “
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