Housing and Real Estate

When the agency finds that a customer has not paid an allowance, it is usual to get in touch with him to see if it is wrong and ask him to cash income. If it takes several months without paying fees, after having warned of the need to do, it starts the foreclosure process.

The court does not ask for money and has not returned, but the entire loan at an interest rate that can approach 20%, depending on what you specified in the contract. It applies in this case the early termination clause, which allows the bank to demand reimbursement of the entire outstanding principal.

If you do not meet the payment is made after a few months, the home goes to public auction and, if no bid for it, the bank’s award by 60% of its value, has also fallen with the crisis.

The owner would have to leave your home and pay the remaining debt, together with default interest and legal costs can be twice what it was in the beginning. To get the remaining money, he may seize the payroll, but the minimum can not touch-the home of relatives who have supported or other assets owned by both the debtor and the guarantor.