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Commonly Questions

The term denotes closing a relation earlier than originally contemplated. In financial sense, this term normally indicates closure of a loan account by the lender when the borrower is unable to pay the installments as originally agreed upon. In our sense this relates to loans obtained for creation of an asset viz., homes, shops, properties etc., and properties mortgaged with lenders to obtain financial assistance. When a borrower is unable to pay the dues as agreed upon and the loan remains unpaid for more than six months, the financial institution seeks to sell the property and closes the loan earlier than the agreed period. Similarly, if a borrower can not service his mortgage anymore the loan is revoked and the property pledged as security will be taken over by the financial institution for realization of the loan. If the borrower has paid up for, say, 2 years already that money is gone and so is his property.

In theory, a loan is a simple transaction where a borrower wants money, and a lender advances it and collects interest on it and this arrangement continues until the loan is repaid by the borrower. In practice, however, it is observed that there are defaulters and they ruin the lenders financials. While in case of secured loans the borrower offers collateral such as real estate or machinery which serves as a security to the lender, authorizing it to seize and sell the asset to recover its money, in the event of default in repayment of loan by the borrower. The loan accounts where the borrower fails to repay the loan, then this asset becomes Non performing Asset (NPA).

Mortgage : The lender can foreclose and take ownership and hold the property.

Hypothec: the lender does not have the right to take ownership of the property – only to sell it and take what’s owed from the proceeds. 

Lenders foreclose according to the laws in the country where the property is located. There is either a “judicial” or “non-judicial” foreclosure procedure that must be followed. Countries that use hypothec to document property ownership follow the judicial procedure, which requires lenders to file a court case to prove default before they can foreclose. Countries that use Mortgages follow the non-judicial procedure, which does not require a court case. Non-judicial foreclosures can take as little as 30 days to complete. Judicial foreclosures can take much more time because of the need to have the court approve the foreclosure action.
You generally need a bankers cheque of 10% of the starting price. Later, of course, you will need to obtain the funding to pay off the current debt on the property

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