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Mortgage Loan

May 1, 2013


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The institution of the subrogation of mortgage loan enables the debtor entity with which your mortgage has agreed. We could say that the subrogation of mortgage is a mechanism complement or alternative to the novation or modification of certain conditions of the mortgage loan, with the entity with which it was concluded. The subrogation of mortgage lending has legal regulation, currently regulated by law 2/1994, of March 30, subrogation and mortgage loan modification. This legal norm analysis can highlight the following essential aspects of the subrogation of mortgage loan: 1. subrogation is a Faculty of the debtor. This aspect is made clear by article 2 of the aforementioned Act, because it allows the debtor practice surrogacy without the consent of the entity to which owe your mortgage loan. 2 The mechanism operates, in its most important aspects, under the following procedure: to) the entity that is willing to grant the subrogation of mortgage loan to the debtor presents a binding offer, who can accept it or reject it. (b) if the debtor accept the offer of subrogation, the entity that will grant the new mortgage, are notified to the entity that it has currently granted the mortgage, and at the same time requires it to that within a maximum of seven calendar days, present certification of outstanding debt by the mortgage loan that is the subrogation.

(c) received the previous notification, the lending institution which has agreed that currently the mortgage, can paralyze the subrogation if it carries out the novation amending of the existing mortgage loan. (d) If you do not perform this novation, simply so that the subrogation of mortgage loan takes effect, the entity that subrogates, declaring in the same handwriting of subrogation of mortgage loan, which has paid the outstanding amount of the loan subject to subrogation. 3. Limitation of the commissions of the subrogation of mortgage lending operation. The law of subrogation of mortgage lending has introduced notable advantages to the debtor of the loan, these include limitation of the commissions by early repayment, which have been regulated in the following manner: on variable interest loans, the quantity to receive is calculated on outstanding of amortization, capital fulfilling the following requirements: 1.-If not agreed Commission of early repaymentYou may not be charged to the debtor. 2. If a Commission equal to or less than 1 per 100 is compact, the agreed Commission will be settled. 3.

In other cases the lending institution may only receive Commission amortization advance 1 per 100 anyone who is that any agreed. 4. Tax benefits.-writing in which formalize the subrogation of mortgage this exempt in gradual stamp mode, on notarial documents. 5. Limitation of the notary and registration fees-for the calculation of the notarial fees and register them in the subrogation of mortgage lending, the amount of capital outstanding is taken as basis at the time of subrogation, and means that the authorized document contains a single concept, which lowers the cost of the subrogation of the loan. It is worth noting that in the writing of subrogation of mortgage is may agree the modification of the conditions of interest rate, both ordinary as delay, the extension of the term of the loan or both conditions.