Little Real Estate

As a right of realization of value , the mortgage is designed to allow the creditor financial compensation mortgage against the debtor does not comply. To this end, Art. 12 of the Mortgage Act requires that to become the mortgage shall state the amount of the secured obligation and their interest, to a maximum of five years, and the value that has been appraised for auction the property or rights pledged in .

It is also a right accessory , the mortgage, in general, is based on the prior existence of a right is above and to ensure the fulfillment of an obligation, affecting a particular property so special and priority to the fulfillment of that obligation. The primary obligation and the collateral, or accessory, are inextricably linked so that if the principal obligation is extinguished, it can not continue living the consultant, and the guarantee is void. However, Law 41/2007 of December 7, which amended the Mortgage Law of 1946 in the sense of emergency, the dogma of the incidental nature of the mortgage , with the new art. 153-bis of the Mortgage Law, the text provides a certificate of naturalization to the so-called omnibus mortgage for certain subjects, and only in its highest form of mortgage that can be valid regardless of the insured obligations with it. Also, the incidental nature of citadodogma has broken with the modification of art. 4 of Act 2 / 1994 of March 30, in paragraph 3 of which creates the llamadahipoteca recharge. As right indivisible, until it is canceled the mortgage, remains in full affect each and every one of the parts of the mortgaged and ensuring all the credit, and each of its parts, so long as there is yet a part credit, the mortgage will be full, but the secured obligation is divided, or is terminated in part, the mortgage shall remain in full until the secured debt is fully paid.

The indivisibility does not stop with the express consent of the mortgagee, and only in this way, the mortgage is divided if, after or simultaneously, has split the thing mortgaged.

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The foreclosure situation is when the bank holds the mortgage on the guarantee on which was the same, being, therefore, to housing and maintaining your client’s debt in the amount of difference between the price housing for sale at public auction and the outstanding principal amount of the mortgage.

Foreclosure is, therefore, the time when families lose their homes, and the absence of the figure of the payment in lieu of mandatory mortgage law, are in addition to a financial debt to the institution which been arrested.

To try to avoid foreclosure the first option is to always try to negotiate with the bank, since she is not interested to get the time of arrest, and more on the current situation so burdened with their balances of property, and can reach agreement.

However, do not wait at the same time of the foreclosure to start the negotiation should be initiated at the time that the family expected to soon be unable to pay their monthly fees to maintain some bargaining power and no further increase the debt with default interest generated.

At the time of negotiation, prior to foreclosure, it can handle several figures to relax somewhat the monthly fee. For example, this may be a grace period during which only interest is paid, any unamortized capital, bringing the share down significantly. Read the rest of this entry →

Although there are binding consultations on taxation recognizing the possibility to cancel a private document the conditions subsequent to guarantee payment of deferred price of a property (the most recent dated 28/06/2010), the Directorate General of Registries and Notaries -hereinafter DGRN-distinguishes these cases are two possibilities:

1st That in which is agreed, the deed itself with conditions precedent, the possibility to cancel for revocation of the right guaranteed under Article 82 paragraph two and five of the Mortgage Law. An example of this case is the pact that recognizes the status expired after a certain period if not stated on the record any action leading to the resolution of the sale (see, in this regard, the resolution of March 13, 1999 the DGRN)

This possibility could arise private document request to cancel ratified by both parties before the Registrar or legitimate instance notarized signatures of both parties (Art. 239 of the Mortgage Regulations). This system would avoid the accrual of cancellation Transfer Tax (Stamp Duty offer variable-rate quota of Attorney Document) Read the rest of this entry →