Mortgage-Up

In Russia, where the implementation of the Bank of mortgaged housing and selling it at a price lower than the remaining debt on the loan, the borrower owes the lender. To date, what happens in most cases, pass the Vedomosti quoting the HMLA. Not less than 65% of the money from the sale of mortgaged housing is not enough to repay the entire debt. Typically, this is due to the fact that before the crisis, borrowers were trying to inflate the price of the apartment in order to obtain more credit, experts say. However, in a crisis situation has changed: prices have fallen sharply and to sell the apartment at the initial cost was impossible. In the U.S., there are other mortgage terms. In some states, the debtor pays with a credit institution only one key, the rest shall reimburse the insurance company. Domestic borrowers can also "escape" from the compulsory insurance of financial risks, the sources said company CEO HMLA Nina Smirnova. A forthcoming HMLA bill provides that the insured amount and prices will depend on the duration of the loan and the size of the down payment. HMLA a good idea, according to the financial ombudsman Pavel Medvedev, however, for its successful implementation it is necessary to know "what will be the insurance rate for such a risk." Insurance should not lead to an increase in mortgage interest rates, otherwise the borrower must feel it.