Is it possible to re-register a mortgage to another person with his consent?

When a person has such a situation that it becomes difficult for him to pay a loan for an apartment or he wants to sell collateral, the question arises of whether it is possible to renew a mortgage for another person? How is the renewal procedure carried out, what are its features? What difficulties may arise and what should the borrower prepare for?

Where to begin?

If a person leaves for a permanent residence in another city, decides to simply move to another area, or for other reasons wants to sell collateral, he has a reason to transfer the debt burden to another person. The first thing to do is go to the bank that provided him the loan. There he will be able to get expert advice on the issue of whether it is possible to re-arrange the mortgage for another person in a particular case.

You can transfer the right to payment only by obtaining the consent of the credit institution for this procedure. The bank does not have much benefit in such transactions, but they willingly go towards their customers. It happens that the bank’s consent to this renewal is the only option to receive money from the debtor. Many of the borrowers, as soon as they have difficulty with money, go to the bank that issued the loan and try to find out whether it is possible to renew the mortgage to another person with his consent. It is necessary to carefully study the transfer procedure so that in the future there will be no problems for any of the parties to the transaction.

The procedure for re-registering a mortgage to another person

At first glance, it might seem that the procedure is quite complicated. But if you act sequentially - reissuing the contract is not difficult. There are several required steps:

1. The borrower receives expert advice from a bank whether it is possible to re-register a mortgage for another person at VTB 24, Sberbank, Russian Agricultural Bank or another financial institution where a debt agreement was concluded.
2. The current borrower writes an application for the possibility of renewing the contract. It necessarily indicates all the necessary information about the person to whom the right to pay the mortgage will be transferred. A banking organization checks a new client for a lack of criminal record, a bad credit history, length of service, level of salary, and the possibility of a refund. And only after the identification of this person, the bank is ready to provide an answer to the statement of the borrower.
   
3. If the bank makes a positive decision on the question whether it is possible to renew the mortgage for another person, then both borrowers collect the necessary package of documents and submit them to a financial organization.
4. Next, the bank draws up a contract with a person entering into the right to pay mortgage debt. The contract will not indicate the initial value of the property, but the balance not paid by the first person. As for the previously repaid mortgage debt, this issue is resolved independently between the two borrowers.
5. For the time it takes to carry out the procedure for re-issuing a mortgage to another person, all obligations to deposit money on the loan remain with the first borrower. Usually this period does not take more than a month, large credit organizations set exactly this time for the completion of the transaction.
6. After completing all the checks and documenting the mortgage, the right of limited ownership of real estate and debt is transferred to the new borrower.

When may a borrower replacement be required?

Transferring a mortgage debt to another person may be required for various reasons, including:

1. Health impairment, disability, disability. Physically, a person can no longer fulfill his obligations to pay a loan, now his health is important for him, and a mortgage is an unbearable burden. In this case, the sale of mortgage real estate. It is carried out much faster and easier than transferring loan obligations to another person. But in the event that the bank refuses to sell the apartment, questions are being considered whether it is possible to renew the mortgage for another person at Sberbank or another credit institution. If all the paperwork lies with the seller and the buyer when selling the collateral apartment, and only the consent is required from the bank, then when transferring the right to return the loan to the credit organization, the task is to verify the new person and other troubles, and only after that a decision can be made.
2. Changing of the living place. When a person registered a mortgage, he thought that he would stay in this city for life, but there were some changes and a decision was made to leave for permanent residence in another city or country. If there is a current debt, it will be difficult to fill out documents for the move, the same foreign passport, so the question arises whether it is possible to renew the mortgage for another person. For example, a woman for whom a debt contract is drawn up, met a foreigner and decided to leave for him forever. In this case, you can re-register the mortgage on one of the relatives - brother, parents, sister. Ownership of real estate will pass to them. The reason for changing the place of residence is a serious argument for the bank, because it will be practically impossible to find such a debtor in another country, and if the right to pay a loan transfers to another person, the growth of debt will be minimized.
   
3. Divorce proceedings. Unfortunately, the divorce of couples in the modern world is a very common occurrence. Usually, a mortgage is issued after the wedding and not for one person, but for two at once - a husband and wife, who become co-borrowers. The debt repayment period, according to statistics, often exceeds the duration of people living together in a marriage. Therefore, the question may arise whether it is possible to re-register a mortgage for another person in Sberbank during a divorce. As a rule, one of the spouses, to whom the apartment remains, assumes debt obligations. Not always in this case, people come to a mutual agreement about who will get the mortgage real estate, so they go to court. The court decision is provided to the bank, and he, in this case, does not have the right to refuse re-registration. The procedure for transferring mortgage rights is not difficult - only one person remains in the contract who will repay the loan, and the second is crossed out. But the main thing is that the remaining person be solvent and in due time can repay the debt to the bank.

Transfer of a loan to another bank

If the loan conditions of the bank issuing the mortgage have ceased to satisfy the borrower, then he may think about re-issuing the loan to another bank, with more favorable rates. This procedure is called refinancing. It can also be done with the replacement of the borrower.

Procedure for transferring a loan to another bank

As a rule, a new party to the contract is interested in this, which plans to assume debt obligations. Can I renew a mortgage for another person at Gazprombank? To transfer a debt to another credit institution, you must:

1. Carefully study the conditions, in this case, Gazprombank, and evaluate how beneficial it is.
2. If the decision is positive, submit the required documents: a loan agreement, all documents confirming the identity, solvency and employment of the client.
3. After verification and approval of the identity of the new borrower, the mortgage is repaid in the old bank by means of Gazprombank. In the event that the amount of the repaid debt is less than the new bank transferred the funds, the difference will remain on the client’s personal account. The loan amount in the new bank will be calculated based on the repaid debt and the balance of the difference from the transferred money.

Mortgage transfer to another apartment

If, when applying for a mortgage, the size of the apartment suited the borrower, but subsequently there were reasons for acquiring a larger property, you can re-arrange this burden to another person, and take a new loan from the bank secured by new real estate.

To carry out such a procedure, the following is required:

1. Contact your bank for permission to resell your existing apartment.
2. Collect the necessary set of documents and transfer them to the bank.
3. If the bank gives approval, then a new contract is concluded.

Is it possible to re-register a mortgage for another person at the Agricultural Bank?

Judging by the customer reviews, this organization most often goes to a customer meeting and agrees to transfer the debt. To do this, you must:

1. Write a statement and get bank approval.
2. Transfer data about the person who will be the new borrower.
3. Draw up a new contract.

Conclusion

To renew a mortgage for another person, with his consent, is not difficult. The main thing is to collect the necessary documents, provide them to the bank and wait for a positive decision. Sometimes clients of financial institutions have a question whether it is possible to re-arrange a mortgage for another person without the participation of the borrower. But, to initiate the process of transferring debt obligations, only the consent of a new participant in the contract is not enough. The current debtor must apply to the bank with a statement, so his participation in the process is mandatory.