How to sell a mortgage apartment - housing sales schemes

The answer to the question "Is it possible to sell a mortgage apartment in a legal way?" - yes, you can. If only the seller finds a buyer who wants to buy housing, which is still pledged to the bank. It is not simple. Either the apartment must be super good, or you will have to provide some kind of discounts, preferences. Otherwise, why is it if the free housing market is saturated?

Having become the happy owner of your own home on a mortgage a few years ago, today we find ourselves in an unforeseen situation:

• lost their job;
• seriously ill, but no insurance;
• divorced;
• housing is not satisfactory, or it is urgent to expand;
• moving to another city permanently.

What to do if at the moment there is no way to pay the loan further and you need to sell the apartment that is pledged? What legal schemes exist for such transactions and in what cases the debtor's losses will be minimal, let's try to figure it out.

Mortgage debt

Mortgage loan arrears occur on the next day after non-payment on the day specified in the schedule. Automatically, without the participation of a bank employee, the mechanism of fines and penalties provided for by the loan agreement for late payment is activated. In addition, until maturity, they accrue the same interest as the principal debt.

Therefore, as soon as you feel that there are serious problems and you need to sell your home, mobilize and make the current payment on time. And then you will have at least a month to make a joint decision with the bank to get out of a difficult situation. If this is not done, then you will feel for yourself what compound interest is.

Bank permission

While the apartment is pledged, it is impossible to dispose of it without the consent of the mortgagee. This is clearly stated in the loan agreement and the pledge agreement.

Therefore, we urgently notify the bank of our intention to sell the apartment and ask for its consent to the transaction. Because outside the window is a crisis, credit organizations react quite calmly to the sale of the collateral and provide permission.

The debtor and the creditor must discuss the main question: which of them will sell the apartment? Only then can further action be taken.

What is more profitable for the borrower: to watch how the bank sells his housing, or to sell it himself? To understand, you need to answer 2 questions: what are the goals of the creditor, and what are the goals of the debtor. They are different.

If the seller is a creditor

The goal of the bank is to close the borrower's mortgage debt as quickly as possible, i.e. get your money back. Therefore, the collateral object is put up for sale at the salvage value set by the appraiser.

It is defined as the price at which the collateral can be sold very quickly and at minimal cost. Its size is about 20-25 percent below the market. If an apartment at this price is not sold within the set time (for example, 1 month), its price is reduced.

As a result of the sale of the apartment, it may well turn out that the funds received do not completely cover the debt. Those. the borrower lost his home and still owes the bank some amount.

If the seller is a debtor

Unlike the mortgagee, the goal of the debtor is to sell his home in such a way as to fully cover the mortgage debt and recover most of the down payment made for it. And do it as quickly as possible, but without dropping the price too much. The interest paid on the loan is irrevocably lost, there is no getting around it. These are direct losses.

Sale of the collateral

If the lender and the borrower have agreed that the debtor himself will sell the housing, it is urgent to look for someone who will buy it. And it was better to do it yesterday.

How can you sell an apartment if it is in a mortgage? There are three legal schemes. The use of each of them depends on who will become the buyer: a person who has his own funds for the purchase, or a person who is going to buy it on credit.

Housing sales schemes

The borrower can independently sell the apartment using the following schemes:

• using bank cells when selling an apartment with a large debt of the borrower to a banking organization;
• using an advance payment for the sale of an apartment with a small debt to the bank;
• using the replacement of the debtor when selling the apartment to the buyer, who has the funds only to pay off the seller's debt to the bank.

Let's take a closer look at all three methods. But remember that with any of them, we first obtain the consent of the creditor bank.

The debt is large, we use bank cells

You miraculously found a buyer who has his own funds, and he liked your abode so much that he is ready to buy it, giving part of the money to pay off the rest of the borrower's debt.

For understanding, it is better to use specific numbers. Suppose the market price of an apartment is 4 million rubles. The outstanding balance is 1.9 million rubles. The debt is very large.

• with the permission of the pledgee, the borrower and the buyer conclude a contract of sale with the condition of the possibility of early repayment of the pledge;
• the money paid by the seller is put into two bank cells: the first is the amount of debt to the bank on the loan - 1,900,000 rubles, the second - the amount of the cost of the apartment minus the debt - 2,100,000 rubles;
• the parties submit an application and the necessary documents to the MFC to register the transfer of the right to an apartment to a new owner;
• after registration of the transfer of rights, the credit institution receives funds from the first cell - 1,900,000 rubles. on account of early repayment of debt on the loan;
• having returned its funds, the bank gives the new owner an authorization letter to Rosreestr to remove the pledge from the object;
• the buyer removes the deposit from the apartment and becomes its full owner;
• the seller gets access to the cell, which contains 2,100,000 rubles.

The minimum duration of the entire operation is from 3 weeks.

The debt is small, we use the advance

The market value of the apartment, as in the previous example, is 4 million rubles. But the outstanding balance is only 400,000 rubles.

Step-by-step instructions for such a transaction:

• with the permission of the bank, the mortgagor and the buyer conclude a preliminary sale and purchase agreement with the condition of making an advance payment on account of the cost of the apartment in the amount of 400,000 rubles;
• the parties together go to the bank and make early repayment of the loan;
• the bank, having received its money, gives the borrower an authorization letter to Rosreestr to remove the deposit from the apartment;
• after the withdrawal of the deposit, the parties sign the usual DCT and go to the MFC, where they submit an application for registration of the transfer of ownership.

After the state registration, the buyer will become the full owner of the apartment, in confirmation of which he will be given a DCT with a mark on state registration and an extract from the USRN.

The minimum duration of the entire operation is 3 weeks.

Replacement of mortgage borrowers

This scheme is used if the buyer's own funds are not enough, but enough to pay off the seller's debts to the creditor.

Step-by-step instructions for such a transaction:

• the buyer collects and submits to the bank the necessary documents for approval of his candidacy as a new borrower;

• while the future borrower is being approved, the old one must regularly repay the loan. If there is an overdue debt, the bank will not allow the replacement of borrowers until it is liquidated;
• after receiving the bank's permission for the transaction, the parties proceed to re-register the loan;
• the old borrower submits an application at the bank for early repayment of the mortgage with the buyer's funds transferred to him for this purpose. The future borrower applies for a mortgage loan in the amount equal to the difference between the cost of the apartment and the amount transferred to the former borrower;
• the credit institution performs operations to change the borrower and issues a certificate of mortgage closure to the previous debtor, and a loan agreement with a payment schedule to the newly baked debtor;
• the parties sign the DCT;
• the amount of the loan received by the new borrower is put into the cell;
• a pledge agreement is drawn up with a new borrower;
• the parties re-register the ownership of the apartment to the new owner.

When changing the borrower, there is no need to remove the encumbrance from the apartment in order to sell it. It will still be pledged to the bank, only under a new mortgage.

The minimum term for the entire operation for the sale of an apartment is from 1 month.

Difficulties in selling an apartment that is in a mortgage

The considered schemes are only schemes that operate under a successful combination of circumstances and under ideal conditions. In practice, there are many different obstacles, "uncomfortable" deals that drag out the whole process. They occur, as a rule, at the most inopportune moment and at any stage.

But the main obstacle is the lack of people willing to buy your mortgage apartment.

What, besides this, can slow down the process:

• use by the buyer of mother capital;
• the buyer is a military mortgage lender (such a transaction may not take place at all);
• the hardly found buyer does not suit the bank (when replacing the borrower);
• the sale requires notarization;
• the apartment is bought by several buyers;
• in the apartment, the first borrower made a redevelopment, which the bank found out about (when replacing the borrower);
• the consent of the guardianship authorities is required;
• the buyer at some stage refused to purchase or put forward new conditions;
• etc.

Despite the difficulties of selling a mortgaged apartment, do not trust the bank to do it, sell it yourself. Otherwise, you will lose your home and money. And if you sell yourself, there is a chance for the proceeds to buy an apartment cheaper