Banks court without leave people without homes! - News about real estate, Kiev, Kyiv region. Real Estate In Ukraine

Banks court without leave people without homes! - News about real estate, Kiev, Kyiv region. Real Estate In UkraineBankers last week got another opportunity to put pressure on mortgage borrowers. The Ministry of justice allowed financiers to confiscate the mortgaged property without court orders, only...Borrowers are to be expelled from the apartments without trialBankers last week got another opportunity to put pressure on mortgage borrowers. The Ministry of justice allowed financiers to confiscate the mortgaged property without court orders, only on the basis of a violation by the borrower of the terms of the loan or mortgage contract. The new procedure significantly reduces the time of seizure of collateral — with five or six to one to two months. Although financiers and claim that they will be evicted for customers only in extreme cases, lawyers do not doubt that the new document will be a major weapon in their hands.Legitimate businessOn February 17, the Ministry of justice has cancelled the clarification to the Law "On mortgage", issued on 23 December 2008 It is connected with the entry of 14 January into force of the new wording of the Law "On mortgage", which was adopted in December 2008 In last year's document said that the banks have the right to collect the collateral on the mortgage loans only after the relevant court decision. New will be relevant only to the "fresh" loans. "Changes (relating to pre-trial seizure of collateral) can be applied only to mortgage contracts concluded after the entry into force of the Law "On prevention of the impact of the global financial crisis on the development of construction industry and housing", that is, to mortgage contracts concluded after January 14, 2009", — stated in the message of justice.According to experts, still, the pre-trial order was closed to banks, trying without litigation to recover from mortgage borrowers collateral. "Because of the tacit ban of the Ministry of justice to obtain Executive endorsement of a notary to recover, it was almost impossible", — said the Director of the legal Department of an Independent collection Agency Denis Dolsky.Banking loyaltyAlthough officials from the specified period, it's only been five weeks, the new practice will affect quite a wide range of borrowers. Since January, banks have actively deployed their loyalty programs: customers with financial problems was proposed vacation credit (three to six months), conversion of foreign currency loans in the hryvnia, etc. Sadasiva borrowers the benefits from them compulsorily required to re-sign the contract, and therefore from a legal point of view, they became owners of the new credit agreements. "A new mean and a new practice of recovery of collateral in case of default," explained managing partner of the law firm "Sokolov & Partners Vladyslav Sokolovskyi.Financiers do not hide their interest in the new opportunities. "We will appeal to open-the Ministry of justice scheme, the enforcement of mortgages if it will work", — said the Deputy Chairman of the Board of Bank "Finance and Credit" Svetlana lototskaya. "I think in the conditions of crisis, banks will often go for out of court settlement. Because the courts are overloaded and often delay making decisions," believes Mr. Dolsky. However, while financiers promise to be loyal to the customers and to use new features only in extreme cases. "First of all, banks will be to sell the property for uncollectible loans, which long ago stopped paying and didn't periodicals contracts. This could include, for example, investment and speculative credit transaction, the amount by which the banking system reaches 5-10% of the total mortgage portfolio," — said in a conversation with the head of Department of development of individual business at UkrSibbank Ivan Istomin. "Those who are ready to make contact and pay at least the interest, we will continue to search for compromises and to propose restructuring of loans and repayment holidays," says Ms. lototskaya.What to doAll that can make the customer in the current situation, is to gain time. "You can go to court and to appeal any action of the financial institution, a notary or a public performer," believes Denis Dolsky. "The borrower may, for example, to appeal the district court Executive inscription of the notary, which the Bank issued on the procedure for extrajudicial foreclosure on the mortgaged property," added Mr. Sokolowski. According to lawyers, such litigation can last for about six months, and in some cases longer. Ultimately, however, still result in the recovery of property, and therefore they should not be used if you have the time to find the money to pay off the mortgage.In the coming months, experts predict an increase in cases of pre-foreclosure real estate. "Increase as the dollar and the Euro, the share of problem debts on mortgage loans may increase to 20-25% of the portfolio," says Mr. Istomin. In addition, the increase of defaults on the mortgage will be stimulated by lower prices per square meter in the case of a rapid fall in the cost of housing borrowers will be more likely to throw payments on newly issued loans.



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