WHAT YOU NEED KNOW ABOUT EVICTION MORTGAGE – PART 1

In the first place, despite being a personal decision, we encourage people at risk of eviction (mortgage) that contact with the Platform of Affected by Mortgage (PAH) closest to your home in question. Being perfectly aware that we are requesting or downloading a defense in a social platform specific, so we do it because under our point of view and our experience of the members of this organization have proven essential, both in the negotiation as in the action legal or social, to deal with the entities that tend to execute evictions, as are big banks or private lenders. This is a decision, as it has been said, of a personal nature, no one is obligated to go to that platform, however they have proven to be of great help (both material and personal) to those affected by this social problem that affects so much to our environment. From the strictly personal opinion of the author and under the legal experience and professional directly and indirectly, to make strategies in order to prevent the eviction of thousands of citizens with a poise and a professionalism above reproach. In the same way as there have been cases of judges of First Instance have recommended that those affected are engaged in a process of foreclosure that contact with PAH to be able to serve as a vital aid. It is for this reason that, from a personal view, I highly recommend them such a platform.

Situation prior to the possible eviction

The potential situation of eviction is preceded, of course, the non-payment of dues, be it rent or mortgage, to the lender relevant. In the first place we must clarify that court is not the same as the procedure of eviction for non-payment of rents that the foreclosure proceedings (evictions, and more dramatic given that the mortgage is a debt far more burdensome). This difference in the processes is of utmost importance as it changes both the legal conditions and opportunities of defence that we possess. Then I made both procedures and their differences.
The potential situation of eviction is preceded, of course, the non-payment of dues, be it rent or mortgage, to the lender relevant.

Once they know that we may incur in delinquencies in the future or that have already failed to pay the installments of rent or mortgage have to be aware that the creditor will have the right to reclamárselas by judicial process in a very short period of time (below we will detail more precisely), therefore it is recommended that you do not miss the deadlines and the days once they know who may be in a situation like in the Service of Legal Orientation of each bar. There are many options to develop but what is more important is not to neglect such a situation despite being totally understandable how unpleasant and tense it can be to deal with it. With the above I simply emphasize that, when it comes to the non-payment of the dwelling in which we reside, typically the weaker party legally speaking is unpaid since, both by banks or lenders as landlords, tend to have more resources and more capacity than the possible goner.

For this reason, it is important to not only resort to groups that defend the debtors in these cases, but be alert, move quickly and not let run the time to take measures of prevention or defense against possible legal actions that could be taken by the creditors. In this plays a crucial role in the information and all the documentation in respect of the dwelling in relation to the debt to pay both the mortgage deed, as the lease, receipts, transfers, renegotiations etc If you have a control over these documents will provide your attorney future a lot of work and will be able to have a clearer idea of their conditions and their situation before that can occur, judicial action.

TYPES OF MORTGAGE

Most of you will, at some point in their life, face the difficult choice of a mortgage loan; well, such a task can become arduous, due to which, today, are quite a few modalities mortgage that we can find in the market: from the traditional fixed-rate mortgages or variable, to other less well-known as the Reverse Mortgage or the Mortgage of a Qualified, not because of it less interesting.

Mortgage fixed interest rate

Is one mortgage loan in which the interest rate does not vary throughout the life of the loan.

Mortgage variable interest rate
It is based on mortgage loans in which the interest rate fluctuates according to a reference rate, usually the euribor.

Rate mortgage mixed

During an agreed period of time, usually at the start, the interest rate would be fixed rate and the remaining term of the variable rate type.

Mortgages Fixed Fee
In this type of Mortgage is set a monthly fee that would remain unchanged throughout the life of the loan; the interest would be fixed and calculated in the same way that in an adjustable-rate Mortgage but as the fees are fixed and the interest rate is variable, the final deadline would vary in function of fluctuations of the type, in such a way that it would increase if the rate were to increase or shortening in the case of a reduction.

Reverse mortgage
Also called pension mortgage, is a type of mortgage, specially designed for those homeowners over 65 years of age or listed as dependents, which allows them to perceive an income, the amount of which will depend on the appraisal of the property, the age of the applicant and of the mode in which to carry out the provisions, periodically or in the form of a single subscription, without losing the ownership of the well.

After the death of the mortgagor, the heirs should pay off the mortgage with the credit institution, either by satisfying the totality of the amounts due, plus interest, or letting the bank foreclose.

Mortgage qualified
Is that mortgage loan agreed to by convention among the Ministry of Housing and Financial Institutions and offers conditions that are advantageous to your beneficiary that may affect the type of interest applied, the period of amortization, commissions, etc

Mortgage subrogation
Is one mortgage that allows you to change our home loan from one entity to another, in order to obtain an improvement in the terms of the loan, without having to cancel and formalize a new one.

Flexible mortgage
Is one modality that allows you to choose certain conditions, for example, a particular exclusion period, the interest to be a mixed type, a certain term or amount of the mortgage, etc

Mortgage deficiency
Usually designed for young people, allows you to pay only interest, no repay nothing of capital, during a certain period of time. Normally, the deficiency is usually established during the first years of the loan, but there are modes that even allow you to distribute it throughout the life of the same or as suits to the borrower.

Multicurrency mortgage
The multicurrency mortgage subscribes in various currencies in order to take advantage of the low interest rates in other markets, but in which also we are to assume the risk of exchange rate fluctuations or conditions worsen with respect to a traditional mortgage.

Mortgage bridge
It is that which is requested when you want to purchase a new home off-plan and have another home on the property. In this way, mortgage the estate in the property, and we had a period of approximately one year to sell it and to be able to restructure our situation with the mortgage loan you need to finally.

Mortgage self
It is a type of mortgage that subscribes himself when borrower acts as a promoter of your home. During the construction of the building, would be delivering the loan amount in several provisions, as they are bidding for the works, in such a way that, during this period, only pay interest, and these correspond to the money that has been provided.