VTB 24: mortgage restructuring

Mortgage lending by VTB 24 is provided on a long-term basis, which means that during the period of debt repayment, the situation with the borrower's solvency may change for the worse for an unpredictable reason. The mortgage restructuring program in 2017 is the best solution to this problem for debtors. It represents a change in the term and conditions for fulfilling obligations on the part of the borrower without losing the funds already paid, the risk of losing real estate and keeping your own credit history clean.

The restructuring of mortgages with the help of the state among the population has become very popular and in demand, but it was introduced temporarily and officially there is no normative act that would completely regulate this procedure. The only thing that can be guided by is the corresponding government decree adopted in 2015, however, not all provisions are spelled out clearly enough in it.

The need for government intervention arose to provide support for Russian citizens who were unable to make a monthly payment with interest. Thanks to the preferential program, they have the opportunity to apply for restructuring and simplify the terms of the contract before delays, penalties, fines and legal proceedings arise.

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What does VTB 24 provide?

The restructuring of the VTB 24 mortgage as of today, that is, in 2017, allows solving financial difficulties in one of the following ways:

Reduce the monthly payment by half for a period of one year;
Within six months, make only interest on the loan instead of the monthly payment, without affecting the principal amount of the debt;
Conversion of debt into Russian rubles, if the mortgage was taken in euros or dollars (as an option, currency conversion at a preferential rate of 7% or repayment of 600 thousand rubles of the borrower's debt at the expense of budget funds);
Increase the term of loan payments (up to ten years).

Of the four proposed options, it can be noted that they show significant loyalty to borrowers, but it is important to clarify that this is realistic only for those debtors who have a clean credit history and made mortgage payments regularly, without violating the terms of the main contract.

Individuals who apply to a banking institution with a request to review a loan debt are often rejected. The most common reason for this is the presence of violations of the contract and late filing of the application. However, even in this case, there remains a way out, as can be seen further in the article.

Conditions and documents

The restructuring program with government assistance under a mortgage agreement at VTB 24 became real only from January 1, 2017. It also includes certain nuances:

Delay in making monthly payments from one to three months;
Providing one-time support in the amount of 20- or 600,000 rubles;
Decrease in the interest rate of the loan by 12%;
Submission of an application and documents to the Agency for Housing Mortgage Lending (AHML) for approval (not to the bank, but to the Agency itself, from where you need to wait for a response within ten days).

According to statistics, the main reason for refusals to participate in the AHML state program is incorrectly submitted documents (incomplete list, outdated papers, inconsistency of information, incorrect design, etc.). This does not allow the Agency to see the full picture of the borrower's situation, therefore, a positive decision cannot be made.

Restructuring documents:

Personal passport of the applicant who is a citizen of the Russian Federation;
Mortgage agreement;
Documents confirming the ownership of the real estate purchased on credit;
Help on the composition of the family;
Form 2-NDFL - income statement;
Documents certifying the fact of a decrease in the level of income.

A number of requirements for borrowers

Within the framework of the mortgage review program at VTB, conditions are also provided for under which debtors have the right to use state assistance. These include:

At the same time, it is worth mentioning that the restructuring at VTB 24, even without state support, has been real since 2014.

The essence and advantages of the project

Thanks to the year, borrowers can significantly ease the burden of debt and pay off the loan on time, without violating the terms of the agreement, which will be revised. Almost all large banks, including VTB 24, are cooperating with the state program today. This is beneficial to all parties: the state solves the housing problems of the population, the bank receives its money with interest, the borrower keeps housing, finances and nerves.

Most often, citizens become participants in the program for the following reasons:

Dismissal through no fault of the debtor and lengthy search for a new job;
Reduction of bonuses and wage supplements due to the economic crisis;
The birth of a child, when the mother is one and a half years old will receive payments in the amount of 40% of her previous income level;
Marital divorce, provided that only one spouse will pay the mortgage after that.

Despite the fact that in the event of non-payment of the mortgage, the bank takes over the property that was pledged, it is in any case more profitable for the loan to be paid off, since the taken away home still needs to be sold, and this is slow, dreary and requires costs.

How do I apply?

VTB 24's internal rules do not provide for a separate mortgage restructuring program, however, it can be drawn up through the bank's official website. Having entered the site, you need to select the refinancing tab. And not restructuring, but refinancing, since both programs follow the same goal - the restoration of the debtor's financial position and the return of his solvency. Next, an electronic questionnaire will appear in front of the client's eyes, the fields of which will need to be filled in:

Surname, name, patronymic of the borrower, date of birth, place of permanent residence, passport details and contact information;
Data of the restructured loan (type - mortgage), the amount of the down payment and the date of the loan;
Documents confirming income;
Employment or lack thereof.

After filling out and sending the application, it will be considered in the general order, after which the applicant will be called back to the number indicated by him or sent by e-mail. At the same time, it is important to take into account that the service will be provided to the borrower only if he has all the required documents.

You can also submit a handwritten or printed application in duplicate on white A4 paper, a sample of which is on the stand at the branch of the financial institution.

Drawing up an application yourself

Many clients prefer to submit an application for restructuring mortgage debt, making it in an arbitrary form. This is not prohibited, however, you should not load the text of the document with excessive small details.

Even an arbitrary application form is drawn up at the bank branch. The text indicates the prevailing circumstances for which the borrower needed restructuring, and the solvency decreased. In order for such a petition to be approved, it is important to indicate really weighty reasons, without emotional color, only facts confirmed by documents. The debtor's credit history must be flawless, there must be no delinquencies before. So, if during the last three months the borrower has not made monthly payments and interest, most likely he will be refused restructuring. Nevertheless, no one forbids you to try, besides, the application is free, and the bank is more interested in money than in mortgaged real estate.

The structure of the application must contain the details of the institution to which it is being submitted, the name of the document, information about the loan agreement with the terms of the mortgage and the date of the agreement, the grounds for the appeal, the date of the first delay, and a specific request regarding the option to change the terms of the agreement.

If you get a rejection?

Even if after submitting the application and through VTB 24, a refusal was received, you should not immediately panic. It only says that you need to look for other ways to solve the problem. In particular, you should not discard the option of going to court. However, before that you need to find out the reason for the refusal in the bank. It is likely that it will be completely removable and the request can be resubmitted. If everything is done correctly, given the shortcomings of the last time, VTB 24 may approve the request.

If, after the correction, a refusal is received, there are two ways out:

Ask for refinancing (on-lending). Apply for another loan to pay off debt in another banking institution, which is possible in many banks without even leaving your home, via the Internet;
Try to get a new loan without refinancing if the balance is not too high.

The best option in a difficult financial situation is government assistance in the form of benefits in the amount of up to six hundred thousand rubles to pay off part of the debt. In this case, this is an easing of the financial burden, and a decrease in the interest rate, and the possibility of a delay of six months.

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