When appears on the horizon something good, really do not want to think about the poor, about the worst case turn of events. Making out a bank loan, not every borrower thinks about how he will repay the debt if he suddenly loses his job, gets sick and can not work or be demoted. This situation may result in a very big problem, especially if there is a loan, and not one. What do you do in this situation? How not to spoil relations with the bank and not lose their property?
The first thing that should be remembered borrower remain without work, is the need to prevent your lender about the circumstances. The fact that the bank issuing the credit for several years, paints parish money and hopes for their regular intake. Therefore, loss of a job by the borrower very disadvantageous effect on the bank, and the amount of fines and penalties are playing a small role. Therefore, experts recommend borrowers to immediately inform the Bank about his changed financial situation. The Bank expects to receive from its customer a true and current information. Many borrowers who have lost their income and have many thousands of debt owed to the bank, prefer to hide miss mortgage payments, assuming that this is the best option, and the bank will soon forget about them and about the debt. However, in this case, it is best just to come to the bank, tell us about your problem and assure the bank that you will in any case are not going to give up their credit obligations. This is the behavior you demonstrate it as a responsible borrower, you can trust.
What do you do when the former lost revenue, and debt remains? Here there are several options. Firstly, you can contact the creditor bank to provide credit vacation. Most often, the postponement provided for up to 12 months. In this situation, the borrower can be totally exempt from the loan or pay only the interest on the loan. The meaning of vacation credit is that during the duration of their time to the borrower to find a job and be able to pay the debt in the same rhythm. In other words, ask the bank to provide credit vacation makes sense for those borrowers who are confident that soon the work will be found, and income - restored.
Second, you can apply to the bank for loan restructuring. Restructuring - a procedure that involves making changes to the loan agreement, that is to sign a new loan agreement. Can also be changed credit conditions, the term of the loan or the interest rate. Also for restructuring often turn face, combining several loans in different credit institutions in a duty, but in the same credit institution. In the case when a borrower applies for a job loss as a result of the restructuring, the bank can go forward, stop the application of penalties, extend credit, together with a grace period.
It should be noted that the restructuring is a great chance to not mess up your hard-earned positive credit history. So ask for help from your lender needs as early as possible, without waiting for arrears, penalties and calls angry bank.
So, if the borrower comes to the bank with a request to restructure the loan, you need to decide in advance what the payment in this situation would be most acceptable. In conversation with the credit manager must stipulate further conditions for cooperation, the amount of monthly payments, and other issues.
What if the borrower issued a mortgage loan, and the work is lost? In this case also, there are several options that can help borrowers avoid becoming malicious defaulters. The first thing you might consider is the sale of mortgage property to return the greater part of the debt. If the sale does not suit you, you can rent their housing rent, charges for which to give the bank as loan fees. Of course, if you want to take an apartment tenants must always obtain permission from the bank, as the apartment is a mortgage collateral and any actions to be taken with it, should be co-ordinated with the lender. A third option is to help the state - the borrower must apply to the HMLA.
Remember, all calls to the banks and HMLA must be confirmed by the necessary documents, the list of which should be consulted in credit institutions. In any case, if you feel that soon your financial situation may change for the worse, and you have credit obligations, you need to think of their actions and try to avoid the delay, penalties and the transfer of the case to court.