How to make extra money from home

Welcome to my how to make extra money from home.

The public has practically declared months of default. And now ready for mowing the (own) debt wearer as a guarantee to continue to take money from outside the fortunes of the straight people. Which tax and impairs in any way, avoiding at present to give to his own belongings?

The question is what can be done respectively when the citizen owes to banks. The truth that lately more and more citizens declare they, on their part, a payment attitude to the banks. Whether due to job loss or the over taxation many Greeks declare an inability to pay debts and particularly doses of loans which liberally handed out by banks in the last decade. And why not do it after they borrowed at 1% and accord with 12%. The problem now is that with the lack of liquidity, things are tight. Citizens unable to pay, while the repeated predictions particularly struggling and resort to chasing debtors. Just as with business loans, the Black rock checks show soaring red loans (or even those who have clear repayment difficulties) in the 12-15% level of 7-9% a year ago. And all this while estimates indicate that if the recession continues the percentage will reach 20%.

This means that in a few months almost doubled the ones who have to pay, while the banks' services manage tens of thousands of requests from clients seeking arrangements not to become their loan red. And as seems likely, the rate will increase with rapid progress, threatening any more banks themselves. Certainly, this informal default does not suit nor citizens, often at risk of losing their property, but not even the banks, which should list not service the loan and proceeded to delete or refinancing. And for this reason, the last time "advertise" flexibility in relationships with borrowers who cannot pay. Besides, according to data from the beginning of 2010, the Union of Greek Banks has adjusted total 689,000 loans totaling over 20 billion. Euros, of which 126,000 were residential, 495,000 consumers (and it shows the size of the problem) and 68,000 business.

What can be achieved in reality if a citizen cannot pay now, the bank, and come to a compromise?

The change in loan terms, if accepted by the bank, may include:

Lengthening repayment duration. In this case, a larger number of doses are the correspondingly reduced amount of the dose. Here the borrower is alleviated on the monthly payment although overall will pay more, due to the inclusion of interest in most CSCE, just as with the borrowing of Greek public

Providing a grace period to pay only the interest. In rarer this arrangement, the bank recognizes the failure and gives the customer the opportunity to pay only the interest for the period of weakness. Usually, this setting is for people who have lost their jobs and allow this usually for six months or a year.

Suspension of payment of the total dose for a while. It is an arrangement similar to the previous most difficult cases. Here the bank recognizes that if no adjustment should write the loan as red, and not do it gives an opportunity to the client. Usually, this setting does not exceed six months in duration.

At the same time, however, to cover these arrangements banks may proceed with an increase in the interest rate, especially if it is a home loan, while some charge a levy examination of the request can reach up to 150 Euros. In cases of complete refinancing operations (involving mostly large loans), there is a clear possibility of an additional mortgage on a property and of course the additional bank, notary and legal costs against the borrower.

Mowing in court

The indebted katranalotes may nevertheless "mow" their debt to banks and County courts under Law Av. Katseli. But the process can hide serious traps for certain types of borrowers, especially for those who have managed to "trap" the banks with supposedly favorable settings.

The first step in applying the law, which had caused a storm of reactions from bankers, but ultimately vindicates Louka Katseli, was the recent decision of the district court of Athens. On the occasion, retired owed to banks more than EUR 222,000 eventually saw its debt reduced by the court at 170,000 Euros, ie the percentage of the "haircut" exceeded 75%. Moreover, the borrower saved the first home, won a three-year grace period after the end will pay more than 300 Euros a month to repay the debt remaining.

This case will hardly be repeated, but it certainly gives hope to some to seek a "haircut". Prerequisite for the successful outcome of a procedure based on the law for the indebted will actually prove to the court that the borrower financial position, as formulated today, but in the future, not allowing it to service its debt. Therefore, retirees have more hope ... In this case, the first decision shows that judges are particularly favorable for the borrower and can achieve deletion of most of the debt.

Law 3869/2010 on debt arrangements for over-indebted individuals required to prove in court that the debtor has a permanent inability to service its debt and in this case provides a favorable setting for repayment, remission and enables protection of primary residence but not the other assets of the debtor, which are disposed of in favor of the bank.

The process of regulation has several steps and quite a few safeguards to distinguish indeed indebted who are incapable of ... deadhead:

- Initially, the debtor is obliged to seek court settlement from the bank.

- If it is not positive, a request for a set before the Magistrate. The application should be recorded as assets of the debtor and his wife, their potential income and possible uncollectible receivables from these, the claims of creditors in capital and interest costs and possible repayment plan.

The footsteps

With the first application facilitates the borrower to determine the amounts to which distributed the monthly payment towards the creditors in accordance with Article 8 Fri the 2nd n.3869 / 10. With the second embodiment determines the monthly payment to be paid by the debtor to maintain the main or only residence and the distribution of the dose to the creditors in accordance with Article 9 Fri the 2nd n.3869 / 10.

After an application is discussed before the Magistrate and attempted court settlement with creditors. To compromise enough to agree with creditors representing 51% of the claims against the debtor. The last word is the justice, called to confirm the agreement, after checking the financial condition of the borrower.

The law protects their first homeowners, which is excluded from the liquidation, provided that the borrower will repay the amount can be up to 85% of its commercial value. There is a possibility to define a grace period for the entry of installments at reasonable interest rates and repayment period up to 20 years.

And Traps

In the first fall all borrowers who came in the regulation process of their debt in cooperation with the bank. In this case, the borrower signs that take up the debt and essentially enter into a new loan agreement, often with underwriting property. So lose the right to require adjustment based on the law,

Also, the borrower accepts an arrangement with the bank the amount of debt cannot then the challenge: for example, a debt of credit cards, which can incorporate numerous charges that have been judged as illegal, is transformed into a new consumer loan with a "more normal" circumstance, which cannot with ease be to taken issue within legal proceedings by invoking the unfair terms and charges. That is why great care and legal advice before a borrower get into one, the favorable prima facie settlement with the bank.

Those borrowers qualify to settle their debts, but with the significant real estate, also face "issues". If you stop back payments will lose all pre-ticked their properties, other than the first residence.

The only question is what you trust most in this country: the banks or the courts.
https://www.blogger.com/home