The failure of credit

If the borrower can not repay the loan in the long run, it acquired on housing mortgages to be sold. Proceeds money goes to the repayment and costs to implement the Housing Bank, the remaining sum or simply transferred to the borrower, or for him for the money to acquire new housing less space. The sale is implementing a creditor or by agreement with the borrower either in the courts (if the borrower refuses voluntary sale).

In the case of a non-credit should be understood that the borrower and the creditor banks — are allies, are equally interested in the successful conclusion of mortgage lending operations. Therefore, in case of difficulties with payments the borrower, both sides will seek the best way to repay the loan borrower.