Cancellation Of Property Loans Without Compensation

Withdrawal of real estate loans without compensation which reduced interest rates steadily, but housework must continue to partly pay exorbitant interest rates of banks. The contracts run for quite a few years and debt restructuring carried out before the end of the period is not worth for many borrowers. Banks calculate the so-called compensation for such a case and as you can imagine, it is sometimes drastically. The profit, which is achieved by closing a cheaper financing, can fizzle out there again. However this must be not necessarily so”lawyer Bernd, CEO of Bernd rechtsanwalts GmbH specialised in capital investment law in Gottingen, there’s sometimes despite long contract binding the chance for many borrowers to take advantage of the current low interest rates. The consequences for builders and home buyers can be significant: it can save with new loan of sometimes tens of thousands of euros.

The possible magic word in this “Context”, as lawyer Bernd, means: withdrawal “. The withdrawal is an instrument created by the legislature to solve in hindsight of a contract. This concerns in particular such contracts, which the consumer without long consideration, may conclude ad hoc. Therefore, for example, door-to-door sales are etc. to undo Internet purchases by a withdrawal. But also a loan agreement for the purchase of real estate can be revoked if the borrower is a consumer. Now, the statutory deadline for such revocation is usually 14 days. The customer should so get the opportunity after conclusion of the contract, to reconsider the business alone and, if necessary, this, without giving reasons, to refrain from.

Usually, this time frame for borrowers, who have financed the construction or purchase through a Bank, will be expired. The period of 14 days, however, the consumers through the Bank with one must proper revocation be clarified”, so the lawyer Bernd. It is to inform the consumer on the right of cancellation, notify the applicable deadlines and legal consequences.


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