⚡️QUESTION;
I took a loan for a house based on a mortgage agreement. If I want to sell the house based on my current needs, an acquaintance told me that it is impossible until I pay off the loan on the house. Is that right?
⚡️ANSWER;
In practice, mortgaged houses are pledged as collateral for the loan. That is, according to the mortgage agreement concluded in the middle, until the loan debt is paid, the house that you have received will be prohibited from being sold by the banks.
❗️What can be done?
✅ In Article 26 of the Law on "Mortgage", the property pledged under the mortgage agreement, unless otherwise stipulated in the mortgage agreement, It is indicated that the mortgagor can sell, gift, exchange or in some other way only with the consent of the mortgagor (Bank). That is, if the bank gives you official written approval to sell that house, then you can sell the house, but in practice it is easier to walk to the moon than to get such approval from the banks.
❗️ So when it is not possible?
✅ In Article 322 of the Civil Code, there is something called transfer of debt to another person. If the lending bank agrees, this mortgage loan can be transferred to another solvent person (to a new borrower, or to the same person you want to sell to).
❗️How is this done?
✅ In this case, the contract between you and the bank will be amended, and all obligations under the contract will be transferred to that person. Banks are unlikely to agree to this condition.
