When financial difficulties arise, many begin to think with horror about how to repay the next loan payments. With ordinary consumer loans, the amounts are usually small. But if a mortgage was issued, then any change in the financial situation may cause a person to be unable to pay the bank.
Action tactics
Financial institutions are not interested in making a person simply stop paying debt. Mortgage restructuring is much more beneficial for both parties. This is called a change in the terms of payment of the resulting debt. At the same time, a new contract is concluded, which prescribes a more gentle option for repaying a loan.
But banks enter into a restructuring agreement only with bona fide payers. Therefore, it is better to inform your financial institution in advance about your financial difficulties. If the client has at least one late payment, the bank may refuse it.
Many do not know how the restructuring is carried out, what needs to be done in order for the bank to make concessions. First of all, you need to continue to pay on a mortgage. But at the same time, you need to write a request to change the payment schedule or give a temporary delay.
Types of loan restructuring
If you do not want to lose your property acquired on credit and become known as an unscrupulous borrower, you must initially evaluate your financial capabilities. But if the situation has changed, then you should immediately go to the bank with the appropriate statement. Some institutions do not restructure mortgage loans. For example, there is no information on the possibility of changing the payment schedule on the Sberbank website. But this does not mean that the bank does not practice concluding restructuring agreements.
An additional agreement may be signed between the borrower and the creditor, which will provide for:
- the possibility of increasing the loan term (while the size of the obligatory payment is reduced);
- change in the payment scheme (annuity changes to differentiated);
- temporary deferral of interest with the need to pay the principal amount;
- “Credit vacation” - the period during which the borrower may not pay.
If a client is interested in restructuring a foreign currency mortgage loan, then one can consider the option of converting it into rubles. But tactics of action are determined by agreement between the parties.
Prerequisites for restructuring
There is a list of established rules that govern how and on what conditions banks can meet their customers. Even if a formal restructuring program for mortgage housing loans has not been developed in a financial institution, this does not mean that it makes no sense to even write such a statement.
So, the bank can make concessions only in such cases:
- the client has not used the opportunity of debt restructuring before;
- the borrower has a good credit history;
- the client has a good reason why he cannot fulfill his obligations: reduction at work, getting disability, a serious illness that requires long-term treatment.
Banks are more willing to agree to changes in lending conditions in cases where there is collateral.Also, those people who do not have delays in payments can expect to receive a service such as restructuring a mortgage loan to an individual. The bank may take into account how payments on previous loans were made.
Possible treatment options
As a rule, clients who have financial problems go first to ordinary bank managers with a question about what to do next. But ordinary employees cannot make decisions about the possibility of revising loan agreements, so many of them do not even talk about the fact that there is a program for restructuring a mortgage loan.
Therefore, it is better to immediately write a statement addressed to the bank manager. It is necessary to express a request for revision of the payment schedule. The client can offer his restructuring option. You can ask for a temporary respite, an increase in the loan term or a decrease in the interest rate. Banks are considering customer offers.
At the end of the appeal, you need to justify why you need to soften the conditions. The reasons should be described fully and accurately. There is no sense in lying and embellishing the situation. Indeed, to change the terms of the contract, the client will have to provide all the necessary documents.
Application
If you took a loan from Sberbank, then the application must be taken to the office of this bank or transferred to the secretary. You need to prepare it in 2 copies. The original is sent to the financial institution, and a note is placed on the copy of its receipt.
If it is not possible to personally submit the application, you must send it by mail with a notification letter and an inventory of attachments. This option is suitable for those cases when bank employees refuse to accept the application.
The financial institution may respond to your letter and inform you of the readiness or unwillingness to amend the terms of the contract. Restructuring of a mortgage loan at Sberbank to an individual may not be provided on the terms requested by the client. But in some cases, the financial institution simply fails. We must not forget that the bank is not obliged to change the terms of the contract and respond to such requests.
In this case, the borrower has another option - he can go to court. But this method should be used only in extreme cases.
Required Financial Documents
If the client is going to file a request for debt restructuring, he will have to prepare. Restructuring a mortgage loan at Sberbank is possible only for those borrowers who really find themselves in a difficult situation.
Therefore, in addition to the request for a change in the payment schedule, the application must be accompanied by documents that can confirm the change in the financial situation. If problems arose due to a reduction in work, then you need to make a copy of the work book. It is advisable to immediately register with the employment service and obtain unemployment status. The relevant certificate will also need to be attached to the application. This will confirm that the client intends to look for work and is not going to be inactive.
With a decrease in wages, you can take a certificate of income. But an extract from the bank is also suitable. This document must be taken in a few months to see a decrease in income.
Hospital sheets
If problems with payments began due to poor health, this must also be confirmed. An extract from a medical record, certificates from medical institutions, and a sick leave certificate may help. You can work ahead of the curve. If the client knows that he will have surgery or a long expensive treatment, it is better to contact the bank in advance. This will slightly reduce financial pressure in advance and prevent delays.
The restructuring program for mortgage housing loans will work only if the borrower can provide all the necessary documents and prove that he really needs it.
The bank may make concessions to young parents. To do this, you will need to submit documents confirming that the woman went on maternity leave. For these purposes, it will be necessary to show a sick leave certificate from the antenatal clinic and a vacation order.
Possible restructuring programs
If the bank has agreed to meet the requirements of the borrower, then all the nuances should be discussed in person. The client has the right to voice his version, his vision of how a mortgage loan restructuring can be carried out. The bank may agree or offer more suitable conditions for it.
If an agreement is reached, an additional agreement to the main one must be concluded. It is necessary to prescribe new conditions in it, to make an amended payment schedule. Depending on the agreement, it may indicate that:
- the client is exempted from payments for a certain period (1-6 months or more);
- the amount of the monthly payment is reduced due to the revision of the interest rate;
- the amount of obligatory payment is reduced due to an increase in the loan term;
- Mortgage currency changes.
The document must be signed by two parties - the client and the official representative of the bank.
Litigation
If the borrower does not have the opportunity to fulfill his obligations under the loan agreement, and the lender does not go forward, then he can contact the lawyers who will draw up the statement of claim. A letter sent to Sberbank with a note of delivery will need to be attached to it.
But what decision the court will make is unknown. After all, the law on the restructuring of mortgage loans has not yet been issued. Therefore, no one is obliged to make concessions to customers who have problems. In addition, litigation can last more than six months. And all this time the client will be required to pay according to the schedule established by the contract. In addition, you will have to pay state fees for considering a case in court and the expensive services of lawyers.
Help from the state
Back in the crisis that began in 2008, the organization ARIZHK was created. The purpose of its existence was to help borrowers who find themselves in a difficult financial situation. This debt restructuring agency can offer one of 3 levels of support.
So, ARIZHK can issue a stabilization loan or refinance an existing loan. This form of support is designed for 12 months. If the situation does not change with the borrower, then a loan can be bought back from the lender. In this case, the restructuring of the mortgage loan at Sberbank is no longer needed. At the same time, the terms of payments, interest rates change, the current situation of the borrower is taken into account.
The third level of support is necessary for those in relation to whom there is already a court decision on the need to collect bail. But it is possible only on the condition that judicial proceedings have not yet begun.
Other options
If a service such as restructuring a mortgage loan at Sberbank to an individual or a bona fide borrower is denied, then he may apply to other similar institutions.
Many of them have refinancing programs. But only those people who do not have and had no problems with repaying loans can take advantage of them. Otherwise, the probability of failure is high. As a rule, re-lending is carried out on fairly favorable terms.