This question is especially relevant in our time, because many years ago, a popular mortgage loan was replaced by a consumer cash loan, and people who got the opportunity to purchase housing doomed themselves to a mortgage burden, sometimes reaching up to 20-30 years. In the past of many years, real estate acquired in a mortgage needs to be replaced, and its sale is possible only subject to some prerequisites, the main of which is the coordination with the bank that issued the loan under the mortgage agreement.
So, having made a decision to sell housing that is pledged by the creditor organization, first of all, you are obliged to report your intention in a credit organization. The answer to your message will most likely be positive, provided that the balance of the mortgage is completely repayment. Such an obligation you will have to give a bank for early sale of laid real estate.
The process of selling real estate, burdened by the pledge, is a deal with the participation of three sides: a buyer, a bank who issued a loan and the current owner of the housing. After the expert estimates the real value of the real estate under consideration, it is put up for sale. The potential buyer in the contract of sale indicates two amounts: one that remains the creditor to the repayment of the balance on the mortgage loan, and the other (the rest of the total amount), which belongs to the boss seller. After the buyer puts the amounts indicated in the contract in two separate bank cells. The bank, having received its part of the money, sends documents for the withdrawal of burden on the pledge real estate and drawing up a new agreement to the relevant state institution.
The next method of redemption of collateral housing involves the transfer of debt on a mortgage to the potential buyer. This method is mutually beneficial for both sides (potential buyer and seller) if the buyer does not have the full amount for the purchase of real estate. There are conditions again here. Firstly, the creditor bank, with which the seller associates obligations under the mortgage agreement, must check the solvency of the potential buyer, for whom the mortgage agreement will be re-registered. Secondly, the mortgage rate will be revised in accordance with the current refinancing rate today.
There is an option in which the borrower, having found a buyer of housing in the pledge, can take the amount from a potential buyer, in the amount of the not paid balance of mortgage loan, as a deposit, and pay them debt to a credit institution. After that, the bank almost immediately removes the encumbrance, and real estate can be sold on normal conditions.