What is a mortgage loan?
A mortgage loan is the one secured by immovable property. It is issued by both natural persons and legal entities, including banks. A written mortgage contract is signed and registered in Public Registry.
Sequence is a significant consideration while registering a mortgage.
Demand of previous mortgager is preferential to demands of all further mortgagers.
What should you take into consideration while issuing a mortgage loan?
In order to issue a mortgage loan and conclude a relevant agreement you must pay attention whether the property with transitory rights for management has got another mortgager. What you have to do is:
What are the feasible problems in case the property with transitory rights for management has got several prior mortgagers?
If you issued a mortgage loan and concluded an agreement while the property that gained a transitory rights for management had 2 prior mortgagers, moreover, if a debtor evades paying the debt and the second-rate mortgager applies to Enforcement Bureau with the goal of ensuring the compulsory payment, you might lose your rights on the mortgaged property together with the chance to get paid.
Take the following into account:
In case the second-rate mortgager has applied to National Bureau of enforcement with the request to start enforcement administration and the latter realized the mortgaged property at compulsory auction:
What happens if a property has got several first-rate mortgagers?
There are cases when a property has got several first-rate mortgagers. If one of them presents an enforcement sheet to the National Bureau of Enforcement, the rest of first-rate mortgages won't be annulled and the property will gain further transitory rights. However, in case an enforcement sheet is presented by all the mortgagers, the auction sum will be distributed among them on equal terms.
Do you want to purchase mortgaged property?
Take the following into account:
In case you get interested in the purchase of mortgaged property, you will have to meet the demand of person(s) having right on mortgage; You will have to handle all the commitments of a debtor.