QUESTION; I took out a home loan on a mortgage. When I want to sell a house based on my current needs, an acquaintance tells me that it is not possible until I can repay the home loan. Is that right?
ANSWER; In practice, borrowed houses are mortgaged as collateral for the loan obtained. That is, according to the mortgage agreement in the middle, the banks will be prohibited from selling the house until the loan is repaid.
❗️Can't it be agreed with the bank?
✅ Article 26 of the Law "On Mortgage" states that the property pledged under the mortgage agreement, unless otherwise provided by the mortgage agreement, it can be disposed of by the mortgagor through sale, gift, exchange or other means only with the consent of the mortgagor (Bank).
That is, if the bank gives you a written consent to sell the house, then in practice it is easier to go to the moon than to get such consent from the banks.
❗️ So when absolutely impossible?
✅ Article 322 of the Civil Code provides for the transfer of debt to another person. If the lending bank agrees, you can transfer that mortgage loan to another eligible person (a new borrower, or the same person you want to sell).
❗️How is this done?
✅ In this case, the contract between you and the bank will be amended, and all the obligations under the contract will be transferred to that person. Banks are unlikely to agree to this condition.
