Consolidation Mortgage: news to know

Consolidation Mortgage: news to know

Consolidation Mortgage: news to know

The mortgage is a protection that banks have in their favour to avoid loss of capital. Only in case of consolidation mortgage statements, however, the customer enjoys privileges that do not allow the Institute to make claims on the property. Let's look better.

The concept of consolidation mortgage is linked essentially to guarantee (the mortgage) believe that banks sometimes necessary to issue a mortgage and to conditions that usually characterize.

You have to know, in fact, that by the time the customer gets the mortgage bank spend a few days before it is "steady", ie to take effect.

In the only case of mortgages, or mortgages to buy real estate-backed mortgages, the rule on consolidation mortgage is not immediately effective, as would happen in all other cases..

The mortgage and bankruptcy cases reviews

The mortgage is a guarantee that protects the bank in case of failure of the customer, be it an individual, a professional or a business.

Generally, when the failure occurs, the Banks shall conduct insolvency, a process that allows them to recover the money lent by acquiring, in fact, and the same property where you can not get back the amount.

Generally, the power to revoke may be exercised even if the consolidation mortgage is not technically done (effectiveness of the mortgage): the client "failed" however, loses the property or money borrowed.

Exception: mortgages

In the case of mortgages, the failure of the customer does not automatically produce an insolvency procedure and the revenge of the Bank on money or property.

In fact, the rule applies to the consolidation mortgage statements: it is a privilege (remember, only to mortgages) also grants to loans taken out recently that the mortgage is effective immediately and block any attempt to obtain relief from the Bank faces the risk of losing money and property.

Applicable Standard

The legal reference to which is attached to the consolidation mortgage is shortened to Article 39 of the Banking Act: "The mortgages as collateral for loans are not subject to an insolvency when they have been entered ten days prior to the publication of the decision declaring bankruptcy."

For further protection Banks

Emerges as the abbreviated consolidation mortgage constitutes a raw nerve for the institutions that are exposed to the failure of their customers.

Of course they ran for cover to behave in a now common: with customers in more exposed to failure categories (professionals, companies and traders) to issue the loan is made effective only after the passing of the fateful 10 days the registration of the mortgage and publication of any bankruptcy order.

In such cases, therefore, is deferred delivery of the loan.

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