subject: Third Mortgage employer: if you want the mortgage, but do not have guarantees [print this page] Third Mortgage employer: if you want the mortgage, but do not have guarantees
To apply for a mortgage should be given to the Bank's guarantee, such as the mortgage on the house. But if we do not have a house? Here comes in the giver of so-called Third Mortgage. We understand all this important solution.
A formula "mutual prejudice"
That of the Third Mutual employer is a formula "blessed" by many customers who need a mortgage but can not offer a solid guarantee to the Bank. Of course we are referring to the House that is required, often fixed mortgage requires that the Institute as a condition for granting of the loan.
It 's a common problem, however, the absence of a light house on which the mortgage from the outset: many families require a mortgage to buy their own house first, and then be available for the Third Mortgage employer saves both ways, permitting the financing . But let's see how it works.
Who is the "third party" involved
But who is, essentially, the third employer mortgage?
To simplify start with specifying that it is a third person who can take over a loan agreement and added to the customer who has to turn the loan and the Bank: it is a family owner of another property on which you want to put the mortgage may be the same client (in this case there is a merger between his employer and the third person) that poses as a guarantee the mortgage on another property owned by him, may even be the homeowner who wants to buy. But we see in particular the latter possibility.
The help of the homeowner
Although it seems unusual to think of the original owner of the house as the Third Mortgage employer, this situation is not at all complicated to handle, and when the bank expects to put before the mortgage, we proceed as follows:
1. The seller (owner / relative / acquaintance) grants the Bank the mortgage.
2. The award is given to the presence of the notary, together with the drafting of the deed that stipulates the sale of that property to the buyer who has also requested the loan.
3. The Officer of the Bank Notes of the future availability of new third mortgage and employer grants the loan to the customer.
4. The allowance of the loan officer is shot by his client / buyer.
5. The buyer gave the check to the landlord that if he held the role of employer of the third mortgage, sold the property with the mortgage.
How easy to understand why transactions are handled with such policy is to put all the necessary precautions and provide the opportunity to the owner, to follow each step and reject the sale in case of problems.
Recent News
To overcome this "tour" of signatures and guarantees, which still continues in some cases, banks and notaries are now agreed to be the first to the deed of sale of the property followed, then the ignition mortgage. This solution allows the customer to immediately and simultaneously granting the property as collateral for the Bank.
Also specify that, however, the Bank may decide to delay the delivery of the check to the landlord waiting for the notary deposits the mortgage at the local office: only the coupon will be immediately handed the check will be secure while still for a few days by the same notary.
We suggest, however, to obtain information accurately even over all the guarantees necessary for the lighting of a mortgage.
Other useful information about mortgages are also supplied Wikipedia.
