In May, the State Duma of the Russian Federation adopted an amendment on the right of citizens to independently sell mortgaged apartments to a bank. The expert explained to RB.RU who will be able to take advantage of this opportunity and clarified the details of the sales procedure.
Subscribe to RB.RU on Telegram
Up to 25% of problem debtors will be able to take advantage of the legislative amendment on the ability of Russian citizens to independently sell homes pledged to the bank. This is what Denis Aksyonov, general director of the Debt Consultant collection agency, told RB.RU.
“The most difficult thing when selling a guarantee is to convince the borrower that this is the best option to pay the overdue debt. Not all borrowers are willing to voluntarily part with their mortgaged apartment,” he noted.
The modification establishes a period for the self-sale of a mortgaged apartment: four months. If the borrower misses the deadline, he will not be able to ask the bank for permission to sell the apartment a second time, the expert clarified.
“The minimum cost of the apartment is determined by the mortgagee, that is, the lender. The deadline for independent execution is extended only by agreement of the parties,” Aksyonov said, adding that in the context of the current market situation, borrowers will find it difficult to meet the deadline.
The State Duma adopted amendments to the mortgage law in third reading on May 28, 2024. Once the law is signed by the President of the Russian Federation and published, it will come into force in 90 days.
Author:
Kirill Bilyk
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
