Does the Bank have the RIGHT to bid on mortgages??? - News about real estate, Kiev, Kyiv region. Real Estate In Ukraine
Recently to take out a loan for the purchase of housing is not only more difficult but also...Recently to take out a loan for the purchase of housing is not only difficult and expensive, but sometimes quite dangerous.Force majeure excuses everythingFor anybody not a secret that banks continue to raise rates. Moreover, the interest rate increase applies not only to new loans, but existing contracts. Several additional interest poured borrowers in an additional $100-500 a month. And if potential borrowers can still "think again", the old have to fork out.The law prohibits to change the terms of the loan after signing the contract. But, if it has a corresponding item, the Bank may increase the rate of force majeure situations. In particular, this applies when the NBU establishes new user rates and fluctuating exchange rates. If no such item, the Bank's actions can be challenged in court.Read in advanceBut most borrowers have to sign a standard mortgage contract. They are composed of competent lawyers and of course, include the right of the Bank to unilaterally raise rates. "Today, nobody offers a borrower to read the agreement in advance and make your changes вЂ“ said Anastasia Semenets, Director of the Factory Finance. вЂ“ You either agree with everything or not at all get the credit.That will hardly escape clause on force majeure, confident and Natalia Oprea, Director of legal advice Brothers Kovalenko. "This is one of the main conditions of a loan agreement and often it is not subject to revision. So banks minimize the risks, " explained the lawyer. вЂ“ So before signing the contract be sure to pay attention to this condition, in order to avoid possible future disputes.If you are not able to pay the set rate loan, only to abandon it. But lawyers warn that after registration of the contract to terminate the deal will not be easy.