How long does it take for mortgage debt to expire?

All debts, both mortgages and credits, cards, public debts, among others, already have it take for a statute of limitations starting from the day they were generat. Here we will tell you when exactly the mortgage debt expires and what are the situations in which that period may be interrupt. In addition, we will give you a solution if you cannot pay your mortgage and you are intereste in canceling your debts. What is a mortgage debt? First of all, we must make clear what mortgage debt is . This is a loan that is back by a mortgage guarantee. In other words, if the debtor is unable to pay the mortgage payments, the bank can keep the mortgaged asset . This means that you have the guarantee of having the mortgage home.

The main characteristics of mortgage debt

The main feature of mortgage debt is the mortgage guarantee . When purchasing a property with the credit provid by the bank, the purchas home is encumber with a mortgage. This means that, in the event of non-payment of the Indonesia Phone Number List mortgage debt contract with the financial institution or creditor, they could execute that mortgage guarantee. Foreclosure implies that the creditor has the possibility of using the home to sell it and, in this way, satisfy the debt. However, in this step we can find two different situations: More money is obtain. If the sale of the home results in an amount greater than the outstanding debt, the remaining part must be paid to the debtor.

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What are the statute of limitations for mortgage debts?

A mortgage debt expires once years have passe from the maturity date . This does not mean that the debt does not exist, but rather that the creditor no longer has the right to demand payment of this debt. All this is includ and regulat in Luxembourg Phone Number List article of the Civil Code. However, the reality is that for this prescription to occur, the following requirements must occur: The creditor party must not have carri out any judicial or extrajudicial movement or action at that time. For example, she must not have notifi the debtor or present a notarial request to request payment of the debt. The debtor must not recognize or accept the debt in question.

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