A NEW LAW WILL ALLOW TO SELL MORTGAGE APARTMENTS IN RUSSIA
People who have mortgage will be able to sell real estate secured by a loan. Such Federal Act No. 140 of 06/12/2024 comes into force from 11th September 2024.
The new law, which came into force on September 11, introduced significant changes in the process of selling property secured by a mortgage from a bank. Now citizens have the opportunity to independently sell their real estate to repay debts under a loan agreement.
Before the law came into force, the owners of mortgage real estate were limited in the possibilities of selling their property. They could get rid of the mortgaged property only through public, which often did not bring them the desired benefits. However, now the situation has changed. However, now the situation has changed.
According to the new regulations, mortgage property owners can independently sell their property without the need for early repayment of the loan. This opens up new prospects for citizens, allowing them to manage their financial obligations more effectively.
However, it is worth noting that this opportunity is available only to individuals, and only if the sale of real estate is not related to commercial activities. Citizens can use this right to repay the loan in full by submitting an appropriate application to the bank.
It is worth noting that in order to sell a mortgaged apartment independently, it is necessary to send an application to the bank before the foreclosure on the collateral is imposed. After receiving the application, the bank is obliged to issue a written response within ten working days, containing either consent or refusal, with justification of the reasons.
Thus, new amendments to the legislation open up additional opportunities for citizens to manage their property, facilitating the process of selling real estate pledged by the bank. It is important to remember the need to comply with all requirements of the law and timely inform the bank of the intention to sell the property.
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