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LOSS OF PURCHASE RIGHTS OF MORTGED PROPERTY

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The most important reason why banks force their borrowers to sell houses, thereby depriving them of the right to leave these houses in their property, is a delay in the loan. Few current debtors go for the forced sale of homes with joy. Often this is simply the logical result of such unpleasant events as:
- dismissal
- a disease that prevented the continuation of payments,
- quarrels with the co-owner and divorce,
- Departure to another state or country, etc.
It is worth noting that during the collapse of the US mortgage market, many homeowners simply left their homes, leaving the keys to the banks. The value of houses fell so low that the amount of debt exceeded the possible proceeds from the sale of collateral for this debt by one and a half to two times.

What to look for if you want to buy real estate in the USA cheaply

If you decide to dwell on just such an option, it is best to negotiate the purchase directly with the seller, without waiting until the bank takes over the business. However, before starting any negotiations, it is worth considering the following:
- The rules for collecting property on account of the payment of debt in each state are different. So, for example, in some states, a loan overdue may last a year before the bank proceeds with the removal of housing. And in some this period is not even 4 months,
- In almost every state, the seller is given a certain amount of time to fix the situation. That is, if he has the opportunity to pay off the delay and compensate the bank for the funds paid at legal costs, the seller can regain control of the nearly lost property. Details should be clarified by a lawyer,
- if, in an effort to buy real estate in the United States, you are negotiating directly with the seller, carefully consider the amount that he will ask you. The upcoming deal is only a business, and you are contacting the outstanding mortgage because you want to save. At the same time, you can be sure that the seller will certainly try to pit you to help out more.

Disadvantages

The advantage of a house or apartment that was withdrawn as debt is only one thing - their price. But such a purchase can bring a lot of trouble. So, for example, often the buyer can not carefully inspect the property until he makes a preliminary proposal, which can be withdrawn only after incurring losses. But if the collection of debts is carried out by the bank by force, often the debtors intentionally spoil the property. And the new owners also have to spend money on major repairs.

There are problems with the eviction of tenants or owners of exacted housing. And this is also an expensive procedure. In addition, with such a purchase you will only have to hope that even after the transaction is completed, your property rights will be respected. In Russia, there is title insurance for this. And in order to buy real estate in the USA you will have to consult with lawyers every time.

Section 350. Sale of Pledged Property

Section 354. Consequences of Forced Seizure of Pledged Property

§ 2. Realization of mortgaged property

§ 2. Realization of mortgaged property In contrast to the procedure for foreclosing on mortgaged property, which has significant changes in the new legislation, the rules governing the procedure for the sale of mortgaged property have changed slightly. Between

ARTICLE 343. Maintenance and preservation of mortgaged property

ARTICLE 343. Maintenance and preservation of the mortgaged property 1. The mortgagor or mortgagee, depending on which of them has the mortgaged property (Article 338), is obliged, unless otherwise provided by law or contract: 1) to insure at the expense of the mortgagor

ARTICLE 350. Sale of mortgaged property

ARTICLE 350. Sale of pledged property (as amended by Federal Law of 30.12.2008 N 306-FZ) 1. The sale (sale) of pledged real estate, which is foreclosed in accordance with Article 349 of this Code, is carried out in the manner established

ARTICLE 350. Sale of mortgaged property

ARTICLE 350. Sale of pledged property (as amended by Federal Law of 30.12.2008 N 306-FZ) 1. The sale (sale) of pledged real estate, which is foreclosed in accordance with Article 349 of this Code, is carried out in the manner established

Article 343. Maintenance and Preservation of Pledged Property

Article 343. Maintenance and preservation of the mortgaged property 1. The mortgagor or mortgagee, depending on which of them has the mortgaged property (Article 338), is obliged, unless otherwise provided by law or contract: 1) to insure at the expense of the mortgagor

Section 350. Sale of Pledged Property

Article 350. Sale of pledged property 1. The sale (sale) of pledged real estate, which is foreclosed in accordance with Article 349 of this Code, is carried out in the manner prescribed by the law on mortgages, unless otherwise provided

Article 343. Maintenance and Preservation of Pledged Property

Article 343. Maintenance and preservation of the mortgaged property 1. The mortgagor or mortgagee, depending on which of them has the mortgaged property (Article 338), is obliged, unless otherwise provided by law or contract: 1) to insure at the expense of the mortgagor

Section 350. Sale of Pledged Property

Article 350. Realization of the mortgaged property 1. Realization (sale) of the mortgaged property, which is foreclosed in accordance with Article 349 of this Code, is carried out by sale at public auction in the manner established by the procedural

ARTICLE 343. Maintenance and preservation of mortgaged property

ARTICLE 343. Maintenance and preservation of the mortgaged property 1. The mortgagor or mortgagee, depending on which of them has the mortgaged property (Article 338), is obliged, unless otherwise provided by law or contract: 1) to insure at the expense of the mortgagor

ARTICLE 350. Sale of mortgaged property

ARTICLE 350. Sale of pledged property (as amended by Federal Law of 30.12.2008 N 306-FZ) 1. The sale (sale) of pledged real estate, which is foreclosed in accordance with Article 349 of this Code, is carried out in the manner established

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