Mortgage Penalty Drawn Is Not the End

Mortgage Penalty Drawn Is Not the End

The most of mortgage agreements which banks have concluded with citizens as to enforcing credit contract implementation contain clause about the mortgagee satisfaction, exrajudicial mortgage penalty could be  drown on this basis. Namely, the financial institution may apply to a notary or a public registrar at any time to register a right of possession under the precise terms of the mortgage agreement.
Therefore, people with obligations problems as to mortgage agreement have to inspect the contract conditions and learn if the clause (item or paragraph) on the extrajudicial mortgagee satisfaction is available. The next step would be taking the proactive measures in order to defend their rights.
However, the termination of mortgage possession right does not prohibit the debtor to ask the creditor for payment of the 90% of mortgage subject value and the arrears difference in case of mortgage cost being higher than the arrears at the moment of the ownership transfer. And there is no way it obligates the debtor with the family to move out of the residential real estate if there are no specific legal bases. 
Owing to this method of protection LF Moskalenko & Partners with the managing partner Igor Berdan; partner, attorney at law Anastasiya Moskalenko; assistant attorney, lawyer Anzhelika Tashmatova have won in the local and appellate courts once again. The court decisions came into force. Thanks to the LF Moskalenko & Partners team efforts the debtor managed to get the judgment of about 300 000  UAH penalty to collect from the creditor, put the apartment under arrest, the ownership right on which was registered by the mortgagee, to provide the debtor’s family with the actual residence in the apartment in terms of more than 3 years after the change of apartment ownership up until now. We expect that the debtor continue to live in an apartment actually till the creditor will not be forced to accept our client’s conditions.