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What if your mortgage obligation has been sold?

 

Image Credit:Creative CommonsMark Moz

 

   In case there have been problems with the repayment of your mortgage, instalments were missed or for any reason the bank qualified your loan as “bad debt” according to regulations, chances are that the debt has been sold to a third party for debt retrieval which you are probably not aware. It is important to note that from a legal perspective there is a major difference if the a debt retrieval agency is involved in the collection ON BEHALF OF THE BANK or if  the agency, a work-out company or any entity has acquired the obligation and took over the position of the debtor.

 

 In case there have been problems with the repayment of your mortgage, instalments were missed or for any reason the bank qualified your loan as “bad debt” according to regulations, chances are that the debt has been sold to a third party for debt retrieval which you are probably not aware. It is important to note that from a legal perspective there is a major difference if the a debt retrieval agency is involved in the collection ON BEHALF OF THE BANK or if  the agency, a work-out company or any entity has acquired the obligation and took over the position of the debtor.
 

In case the debt has been purchased by a financial institution, the financial settlement regulations will apply in case:
 

  • the financial institution is enforcing the obligation
     
  • and the client actually demands the settlement (it means that the client actually has to submit an application or formal request for the settlement)

 

In case the buyer of the debt is not a financial institution the settlement is mandatory and automatic, but
 

  • in case the original contract was cancelled  between 26 July 2009 and 14 July 2014 then the settlement has to be arranged by the entity that was the debtor at the time of the cancellation.
     
  • in case the contract was still valid on 14 July 2014, then the settlement has to be arranged by the entity who was the debtor on that date,
     
  • In case the contract has been cancelled before 2 February 2015, then neither the interest rate fixing, nor the mandatory conversion to HUF will apply.
If you are not clear about the status of your mortgage or are afraid that the debt has been sold to a 3rd party without your knowledge we ask you to contact Bradley Edwards and Assoc. to assist in clarification of the situation and the way ahead. Please contact us.

 

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