One of the important issues that the potential husband and wife should solve before marriage is a matter of housing. After all, after endless toasts, expensive gifts and a wedding celebration, the newlyweds need to go home. It’s good if their home after the wedding will be their own, new apartment, donated by loving parents. But, unfortunately, not every parent has the opportunity to make such a gift to their child, so many young couples are forced to either rent housing or contact a credit and financial institution for a mortgage for a mortgage. If spouses-consumers meet all the requirements of the bank, then they have a chance to get borrowed funds for the purchase of residential real estate.
How to divide mortgage real estate when divorced
As you know, a mortgage is provided by creditors banks for a long time. Guarantees that the family happiness of the married couple will last 20-30 years, neither the creditors nor the husband and wife have. Often, after several years of legal marriage, the spouses decide to divorce, and even a joint child often cannot save the family. What can we say about joint debt obligations to a financial organization and a housing for a bank? And yet, who in the event of a divorce will have to pay a mortgage loan? To whom, husband or wife, will get a credit apartment?
How to divide mortgage real estate when divorced
It should be said right away that the first to learn about the upcoming divorce should be a credit and financial institution in which a mortgage was issued. After all, it is the-Bank-holder that will decide how the former husband and wife will share both the mortgage property and payments on mortgage loan. For lenderers, of course, the most profitable option in this situation will be an early repayment of the loan, and the division of housing not burdened with a mortgage between spouses. But for the husband and wife, this method of resolving the issue with a credit apartment is not always acceptable: the amount of the residual debt on the loan can be quite large.
One of the widespread methods of the division of debt mortgages between husband and wife is the establishment of the individual responsibility of each spouse for repaying a loan. Simply put, with the consent of the credit institution, the appropriate changes are made to the mortgage lending agreement, after which the husband makes payments to repay the mortgage for his share in the credit apartment, and the wife pays a loan in accordance with her share in the collateral object. Brease with this each spouse becomes a separate borrower and is no longer obliged to bear material responsibility for a mortgage for her ex -husband or wife.
The bank can also offer one of the mosemer spouses to refuse collateral real estate. Then the second spouse will become her full owner and will independently pay a mortgage loan. The husband (wife) that has refused a credit apartment, respectively, is exempted from debt obligations to the bank-submarine bank.
If a person has issued a loan for the purchase of residential real estate before entering into a legal marriage, then after the divorce it will be obliged to return the borrowed funds of the financial organization. But his wife (husband) after divorce has all legal grounds to apply to the court in order to receive compensation from the ex -spouse. After all, he paid a mortgage, being married, therefore, he used money from a common budget for this.
Sometimes the couple achieve the consent of the bank to sell the collateral apartment and repay the balance of the debt on the mortgage loan, and the remaining money is divided among themselves.
How to divide mortgage real estate when divorced
In conclusion, we can say that there are a lot of options for the collection of collateral housing and payments for a mortgage loan between spouses. But it is extremely difficult to find such a way to solve this problem that would suit everyone: lenders, wife, and husband. Of course, credit institutions do not have the right to prohibit divorces between the co -borrower until the mortgage is fully repaid, but the borrowers themselves before the wedding or during the marriage can conclude a notarized marriage contract. The signing of this contract will help spouses avoid problems with a section of not only mortgage real estate, but also any property acquired in a legal marriage.
