If you want to sell the mortgaged home, some aggrevations will arise at the time of company. Why are there limitations? Mainly because most people are looking for a guarantee from the real estate they want to buy. As well as the banks demand that the possessions given as collateral have no any lien or obstacle on the property.
Mortgage is a real right possessed over the property
It is vital to imply that the activity of executing the selection through the creditor on the home loan can be performed. Since, the home loan is a real right owned within the property. And in all types, it is legal, and it isn’t going to matter who the owner are at the time of executing the suitable.
The above can be cited according to article 2452 of the Colombian civil program code. ” The mortgage provides the creditor the right to go after the mortgaged property, whomever owns it, and any kind of title that has acquired this. “
How may you sell a mortgaged house?
The mortgage will be unpublished, therefore , it has simply no changes until the moment from the cancellation. Even having a number of disposals, and this is done via a mortgage subrogation. The way to modify or replace the name of the proprietor (debtor). And it proceeds because the real estate as the debt is within the head of the new customer.
Otherwise, when the sale is made without subrogating the mortgage, the debt continues to be in the head of the borrower (seller). The house is still impacted by the mortgage and the lender may execute the home loan action, even if the property is within different property. It is better for that buyer to take over the financial debt, or else the value would be compensated with the mortgage discount. Considering that the debt is not terminated by the seller.
Execution of the creditor within a mortgaged home
In case article 2452 of the municipal code states, that the lender as the owner of the genuine right, can execute the particular mortgage in the head associated with who has the good. Therefore , you are able to proceed to the seizure plus auction of the real estate that will owns the mortgage.
This is ratified by Constitutional Court with common sense C-192 of the year mil novecentos e noventa e seis…
“ The particular mortgagee has two activities, when the credit guaranteed with all the mortgage becomes enforceable, to become judicially charged: a personal activity, originated in the credit correct, against the debtor of the last mentioned; another, real, born from the mortgage, against the owner from the mortgaged property ”.
In conclusion, the buyer or even current owner has 3 options to proceed:
_ Make the home loan subrogation
_Do not make the mortgage subrogation and take the debt
_Do not execute any of the above
The latter being the most severe decision, since the mortgagee may proceed on the real estate with out contemplation. And the current purchaser is subject to the consequences this entails.