Mortgage rights and obligations Mortgage rights and obligations are measures that affect both parties to a mortgage loan . It is essential to know them before signing a mortgage , which is why we will tell you exactly what it is about. Both parties have mortgage rights and obligations. In a mortgage loan, as with other products, there are rights and obligations. This means that both the bank and the clients have to meet certain requirements when formalizing a mortgage. For example, one of the debtor’s obligations is to pay the mortgage , it is about returning the money it has lent to the bank . On the other hand, one of the duties of the creditors is to inform the client in the most transparent way possible about the conditions of the mortgage loan that he is going to sign.
Mortgage rights and obligations of the creditor
Rights Receive the money: the bank lends money to a client , therefore, it has the right to receive. It again within the upon return period. In case of not receiving it, if the client cannot pay the debt, the bank has the possibility. Of requesting a Kuwait Email List foreclosure, in other words, an eviction . House in good condition: until the property is paid for, it belongs to the bank, that is, it has the right to demand that the debtor keep. It in good condition. This way, if the home returns to your hands, you will have the possibility of selling it at the same price as the first time. Obligations Transparency: On the other hand, your most important obligation is to be transparent . Generally, clients are not very familiar with the world of finance , this means that they probably do not fully understand what they are contracting. After the reform of the Mortgage Law of , the bank is to deliver a document detailing everything that is in the debt that the mortgagee contracts with the entity.
Mortgage rights and obligations of the debtor
Rights Information: one of the debtor’s rights is to be of everything that signing a mortgage will entail. This means that you must understand if your loan is. Variable or, if it has links, commissions, among others. Change conditions: You also have UK WhatsApp Number List the right to change any of the conditions of the loan. In order to improve it. To do so, there are different options , these are mortgage novation. Subrogation due to change of creditor and cancellation of the mortgage. Mortgage novation: this involves modifying the mortgage loan within the same banking entity. This option offers the possibility of extending or modifying the repayment period, changing the interest rate, modifying the loan amount, changing its currency and replacing guarantors. Subrogation due to change of creditor: in this case the mortgage is to another bank that offers us better conditions. It may be an option if the bank with which we the mortgage has no intention of changing the characteristics of the current mortgage loan.