Judgement on the mortgage payment with the floor
I fear that this time I can not share the opinion of the Court of Navarre on the termination of the contract mortgage loan delivery floor. I would like nothing better than to give hope to many whose mortgages mortgage outweigh the present value of their flats, but I fear that under the Article 1911 Civil Code the debtor must respond with all its assets' present and future "of meeting its obligaciones.Por hand, Article 579 of the Civil Procedure Act fixed, if the mortgaged property auction, your product would be insufficient to cover credit, the judge may order the seizure by the missing amount.
In this case the mortgage contract expressly provides for personal liability of the mortgage on the credit contract, and any judge will rule in favor of a mortgage bank because it is still a contract between two parties, and must comply with the established there, regardless of other considerations.
It is also important to note that the decision of the Court of Navarre does not create law, being challenged before the Supreme Court.
In short, I fear that the situation is dramatic for many mortgages, as well as losing the floor and the amounts to be paid on the mortgage, if the auction price received is less than the debt (plus any interest and wild coasts), I fear you will see their salaries garnished in perpetuity.
Unfair yes, but unfortunately legal. So it's very important to read very well before you sign contracts, and we must be aware of the possible consequences of default.
0 comments:
Post a Comment