Mortgage restructuring with state help - 2021

In 2021, the mortgage restructuring program was extended with the help of the state; for many who purchased an apartment with a mortgage, this extension was a pleasant surprise. Citizens who have not yet joined the program, but who wish to do so, can join it under very good conditions. Thus, the state mortgage restructuring in 2021 has become a real opportunity to save your home.

State support in mortgage loan restructuring

Government authorities are also taking part in the mortgage restructuring program carried out by Sberbank. Federal budget funds support certain categories of borrowers, which include:

1. Young large families with minor children;
2. Families with children recognized as disabled;
3. Families whose members are people with disabilities;
4. Participants in combat operations.

Financing of the state's participation in the restructuring of mortgage loans occurs with the help of a specially created Agency for Housing Mortgage Lending (AHML). It acts as an intermediary between the individual who is the borrower and the bank issuing the loan. Sberbank, being one of the leaders in the country's financial sector, takes part in such schemes much more often than other credit institutions.

Restructuring through a real estate agency

The essence of mortgage restructuring through real estate agencies is that agency employees sell a mortgaged apartment, the proceeds go to pay off the mortgage + down payment on a new one to purchase more affordable housing. This option is worth considering if the bank refuses to restructure and it is impossible to improve the situation in any other way.

Consider the cost of real estate services

If you choose restructuring through an agency, remember that real estate services are quite expensive - from 50 thousand rubles per transaction.

Who can apply for restructuring?

The restructuring program developed by Sberbank is intended for those clients of the credit institution who meet the following requirements:

1. The borrower's income has decreased by 30% or more;
2. The regular payment increased by 30% or more due to changes in the ruble exchange rate for foreign currency mortgages;
3. The income remaining after the mortgage payment is less than 2 times the subsistence level for each family member;
4. The existing mortgage loan agreement is valid for more than a year;
5. The borrower has not been in arrears on regular payments for at least a year.

The following circumstances in the life of the borrower may also be grounds for restructuring a mortgage loan:

• Conscription for military service;
• Staying on parental leave to care for a child whose age does not exceed 3 years;
• Temporary loss of ability to work;
• The occurrence of serious health problems, etc.

Current social programs to support mortgage borrowers

Loans that are provided under state guarantee to categories of citizens are considered social. The following ways have been developed for the state to support families who have problems paying their mortgage:

• issuing subsidies to pay off debt;
• repayment of part of the interest from budget funds;
• benefits when applying for a loan for the purchase of housing.

Social mortgage and mortgage loan restructuring has the following features:

• target orientation of the use of assistance;
• money is not issued in person, but is transferred by bank transfer to the creditor;
• real estate is collateral during loan repayment;
• the right actually arises from the moment the purchase and sale agreement is signed;
• Until full repayment, the borrower does not have the right to sell, donate the apartment, or remove the encumbrance;
• In case of regular delays, the creditor has the right to sell the pledged property.

At the regional level, the municipality is taking measures to sell apartments to the poor. The expenditure of funds allocated under the program is controlled by the state. If the borrower is provided with normal living conditions and owns real estate, you should not count on government assistance.

State assistance for young families is available to persons under 35 years of age with or without children; there may be one parent. The borrower must be in line to receive housing. The amount of the subsidy for young families is based on the loan amount:

• 40% for families with children;
• 35% for childless people.

State assistance to pay a mortgage is possible once in a lifetime. For low-income families, AHML offers preferential mortgage lending programs:

• reduced interest;
• minimum down payment;
• social real estate at below market prices.

Features of restructuring a mortgage from the state at Sberbank

If an individual belongs to one of the categories of borrowers subject to the state restructuring program, the bank client can count on the following additional benefits:

• One-time payment of funds in the amount of 10% of the loan debt, but not more than 0.6 million rubles;
• Reducing the interest rate to 9.5% for the entire remaining term of the mortgage;
• A two-fold reduction in the monthly payment for up to one and a half years by reducing the interest rate or increasing the term of the contract.

The specific option for receiving benefits depends on the category of the borrower. It is determined jointly by the bank client and AHML specialists, after which it is communicated to Sberbank.

Restructuring options

Detailed conditions of the mortgage restructuring program are provided on the official website of Sberbank at sberbank.ru. Some regional divisions of the credit institution conduct their own activities aimed exclusively at mortgage restructuring. An example of such a territorial program is given on sberbank.ru

That is why, if you want to restructure a loan, it is advisable to first consult with Sberbank specialists. This will make it possible to more effectively use the opportunities presented to clients of the country's leader in the financial industry. In general, when approved for participation in a restructuring program, the borrower is offered to use one of the following options to reduce the financial burden:

1. Reduced mortgage interest rates;
2. Increasing the loan term;
3. Changing the currency of the mortgage loan to rubles if it is issued in dollars or euros;
4. Providing credit holidays, providing for the payment of only interest or complete exemption of the borrower from regular payments for a specific period of time;
5. A mix or combination of the above restructuring options.

Requirements

When considering a client’s application for restructuring, it takes into account not only his relationship to the above categories of borrowers. In addition, the condition and characteristics of the housing purchased with a mortgage are taken into account, as well as the financial integrity of the debtor.

To housing

Among the mandatory conditions for participation in the restructuring from Sberbank is the compliance of the mortgaged property with a number of requirements. These include:

• good technical condition of housing, which should be repaired if necessary;
• absence of illegal actions related to redevelopment or other types of work that could reduce the value of real estate;
• the borrower lacks other real estate, unless we are talking about shared ownership of an apartment.

In addition, the following are usually put forward as additional conditions for participation in the program, which are not mandatory:

• Price sq. m of housing purchased with a mortgage cannot be higher than 60% of the average cost in the region;
• The area of ​​a one-, two- and three-room apartment should not exceed 45, 65 and 85 square meters, respectively. m.

To the borrower

The main requirement that is presented to the borrower when restructuring a mortgage loan is the absence of delays in current regular payments. In addition, it is extremely important to competently justify the need to reduce the financial burden, confirming it with the presence of objective factors and factual documents.

Regulations

The use of a financial transaction such as mortgage debt restructuring effectively helps to cope with the problems that arise for borrowers in the event of a sharp deterioration in their financial condition. The purchase of real estate on credit is under the close attention of the country's government. It is precisely this, thanks to a number of laws, that makes mortgage lending an accessible instrument and provides social guarantees.

The regulatory framework of the Russian Federation regarding mortgages consists of a number of documents and acts regulating relations between interested parties. The main one is the Civil Code of the Russian Federation. In addition to it, other laws on real estate are among the main documents. They contain the rules for concluding a contract, the obligations and rights of the parties. Indicate the need for mandatory state registration of the contract.

For example, the Civil Code of the Russian Federation establishes the borrower's ownership of property, the limitation period, the procedure for challenging and providing benefits. Various regulations and laws determine the restructuring procedure for military personnel and other socially weak sections of the population.

The legal framework ensures that the meaning of the mortgage does not change even after reconstruction of the loan. Sometimes borrowers, in order to deceive the lender and not repay the debt, use the following scheme. The reconstructed mortgaged property is registered in the register as a new item, not encumbered by a loan agreement with the bank. As a result, the financial organization loses the right to collect the debt using the pledged property, since formally it does not exist.

For fraudulent actions related to lending for the purchase of housing, the Criminal Code provides for punishment, including for illegal receipt of a loan and malicious evasion of contractual obligations.

Thus, the service has disadvantages. For example, some additional overpayment. But be that as it may, if problems arise with mortgage repayment, you still need to contact the lender and try to solve them, including through restructuring.

How to apply?

The restructuring procedure proposed by Sberbank is quite simple. To launch it, the client will first need to contact the credit institution with an application. It can be issued either at the bank’s office or on the institution’s website at the address indicated above.

What will you need?

In addition to the application, the borrower will be required to provide the following set of documents:

1. Copy of the passport. The original document will be required when signing the restructuring agreement;
2. Documents of ownership in relation to the property pledged with a mortgage;
3. Documents indicating the borrower’s income level for 3 months;
4. Documents confirming the client’s compliance with the requirements for participants in the Sberbank restructuring program;
5. Documents demonstrating the objective nature of the client’s financial difficulties and the need for restructuring.

The specific list of documents is determined individually. This is quite logical, since it depends on the specific life circumstances of the borrower, which caused difficulties in repaying the mortgage loan.

Procedure

In order to participate in the restructuring program, the borrower must complete the following steps:

1. Study the terms of the program;
2. Fill out an application for participation in it at a bank branch or submit an online application on the official website of the organization;
3. If necessary, take part in an interview with a responsible Sberbank specialist;
4. Sign restructuring documents if a positive decision is made.

Procedure for receiving government assistance

If you encounter financial difficulties when repaying your mortgage, you should contact the bank where the agreement was drawn up. If the criteria are met, the borrower collects a list of documents:

• application form;
• passport, birth certificate;
• marriage or divorce certificate;
• a copy of the work book;
• document confirming guardianship;
• certificate of disability;
• veteran's certificate;
• certificate of family composition;
• certificate of child's full-time education;
• FSS certificate about benefits received;
• proof of income;
• loan agreement and payment schedule;
• pledge agreement;
• for housing in a new building - a share participation agreement;
• registration certificate of the residential premises;
• extracts on property rights from the Unified State Register of Real Estate.

After submitting documents, they are checked within 30 days. In fact, you will need to wait longer for a decision if the bank requires additional documents. After a positive response from AHML, the borrower signs an addendum to the agreement. Changes in the terms of the loan are registered with the justice authority. The entire procedure is free of charge.

How are applications for restructuring processed?

Client applications for mortgage restructuring are reviewed by Sberbank specialists on an individual basis. Typically, such a procedure takes no more than 7-10 days. If necessary, the borrower is invited to substantiate his own position.

The final decision must be communicated to the client within 1-2 days after adoption.

How to increase the likelihood of approval?

There are several options to increase the likelihood of approval of an application for mortgage loan restructuring. Firstly

, participation in the state support program seriously increases the client’s chances.
Secondly
, the quantity and quality of documents provided in addition to the application can also influence the decision made.
Thirdly
, it is extremely important to demonstrate to the employees of the credit institution the objective nature of the difficulties encountered and the borrower’s desire to pay the bank.

What to do if you refuse?

The bank has the right not to inform the client of the reasons for the refusal. In such a situation, the borrower can use one of two possible options for further action. The first of them involves contacting another bank in order to refinance a mortgage loan on more favorable terms. Similar services are provided today by almost all major Russian credit institutions.

The second option involves re-applying for restructuring to Sberbank. However, this only makes sense if appropriate work is carried out with the employees of the institution to determine the reasons for the refusal in order to correct the situation.

The essence of the procedure

Since the beginning of 2008, during the crisis, the restructuring of mortgage loans has become a popular service among the population. It allowed borrowers to defer payments for a grace period. Essentially, this process meant re-signing an agreement with a credit institution with more favorable terms, for example, a reduction in the annual rate.

From the outside it seems that it is completely unprofitable for the bank to change the terms of the agreement, but this is not at all the case. The pitfalls lie in the fact that in fact the total amount of payments will not decrease, and in some cases even increase, because as the interest rate decreases, the repayment period of the mortgage usually increases. In other words, the debt is not reduced, but spread over a longer period of time.

Moreover, in case of late payments, the bank, in order not to take away the client’s property, may even increase not only the period of monthly payments, but also the interest rate. But here it should be noted that the re-conclusion of the contract can only occur with the mutual consent of the parties involved. Usually the initiative comes from the borrower, and the bank supports it.

As a result, the financial institution gets rid of the usually lengthy legal proceedings associated with debt collection, and the debtor does not worsen his credit history and does not lose his home. At the same time, it is important that the borrower, understanding the possible problems with repaying the mortgage, promptly contacts the bank with an application for a preferential agreement. Indeed, in this case, with a high degree of probability, the lender will be able to choose the best solution to the problem.

Restructuring can only be carried out in the bank with which the mortgage agreement has been concluded. But at the same time, no one prohibits the borrower from turning to another lender to repay his debt. This procedure, however, will already be called refinancing.

Thus, restructuring is a financial service aimed at facilitating the payment of bank debt and the fulfillment by borrowers of their obligations under the mortgage agreement. At the same time, reconstruction is also beneficial for the state, since problems in the mortgage market have a negative impact on the economic development of the country. Therefore, in 2021, there are special mechanisms to support the procedure.

On-lending process

Typically, the borrower, realizing that he will not be able to comply with his obligations to the lender, turns to him with a statement indicating good reasons for revising the terms of the mortgage. Also, an authorized manager of a financial institution may be the first to contact the debtor and offer him to change the agreement.

The bank accepts the application, considers the possibility of satisfying it, and if approved, offers the client to renew the agreement on new terms. With the consent of the debtor, a new agreement is signed, and the old one is canceled.

Typically, regardless of the initiator of the procedure, in addition to the application, the borrower will need the following documents to restructure the mortgage:

• passport of a citizen of the Russian Federation;
• questionnaire (can be combined with an application form);
• employment history;
• certificate confirming ownership of real estate;
• previous agreement;
• a certificate from the last place of work about the income received for the last six months (form 2-NDFL);
• in the case of a marriage - permission to change conditions on the part of the spouse.

Ready step-by-step instructions:

The main thing that the bank pays attention to when making a decision is the actual change in the debtor’s level of profitability. The special agent evaluates the client's financial condition and his ability to comply with previous obligations.

It is necessary to understand that for a financial organization, restructuring is a right, not an obligation. Based on Article 310 of the Civil Code of the Russian Federation, unilateral refusal to fulfill the accepted conditions is not allowed. The mere application of the debtor to the bank with an application for restructuring is not a reason for changing his obligations under the mortgage agreement. Therefore, the client will need to prove that he really needs help in repaying the debt. This could be loss of a job, illness, bankruptcy, conscription into the army, caring for a child or a disabled person.

Principles for reconstruction of the agreement

The restructuring procedure is carried out free of charge, but due to the obligation to register the agreement with a notary office, the costs associated with it are usually borne by the borrower. The restructuring program is built on four principles; they guarantee social justice and emphasize the peculiarities of the financial process:

1. Repayment - regardless of the situations that arise for the borrower, the borrowed amount must be returned to the lender in full.
2. Urgency - sets a certain period of time during which the loan must be repaid. Violation of the established deadline involves penalties in the form of an increase in the amount of payments.
3. Payment - means that the mortgage transaction is reimbursable, that is, it provides not only for repayment, but also for the payment of remuneration for using the loan.
4. Security - expresses the need to ensure the protection of the bank’s property interests in the event of possible non-compliance by the borrower with its obligations.

Options for renewing the contract

There are several types of mortgage debt restructuring. They can be used together or separately. When choosing new contract terms to be provided, the creditor takes into account not only the current financial condition of the debtor, but also assesses their change in the future.

One of the most popular types of restructuring is extension. It refers to the process by which the bank extends the term of the loan agreement. As a result, the number of payments until the loan is fully repaid increases, and the amount of the monthly obligatory payment decreases (the interest rate decreases).

However, in 2021, there are other options offered when renewing the contract:

• Changing the lending currency. That is, the bank offers to recalculate a mortgage taken in foreign currency into national currency. As a result, the remaining repayment will be made only in rubles. This is relevant for people who have taken out a mortgage at a dollar rate for a long term.
• Credit holidays. They represent an ordinary deferment provided to the borrower. In this case, the bank may offer to postpone the payment of the principal debt, while monthly payments do not change, or freeze the status of all payments for a certain time. Most often, financial institutions provide a deferment of no more than 3 months, but there are exceptions.
• Writing off part of the debt. If the arguments provided to the bank by the borrower prove convincing, the lender may decide to reduce the burden of monthly payments.
• Changing the calculation method. The bank may change the procedure for paying monthly payments, for example, replacing them from monthly to quarterly.
• Reducing the interest rate. In fact, such a proposal refers to the concept of refinancing - buying out debts from another bank. A credit institution may offer such a condition to an existing client in exceptional cases, since such conditions are unprofitable for the bank.
• Introduction of a grace period. The creditor can set a certain period for the debtor during which the reduced interest rate will apply.

Advantages and disadvantages of restructuring at Sberbank

The main advantages of participating in Sberbank’s restructuring program are the preservation of housing and the opportunity to pay off mortgage debts on more favorable terms. This will allow the client to remain with a good credit history, which is also extremely important in modern conditions. An important advantage is the reduction in the financial burden on the borrower, which will have a positive impact on his financial situation.

The only serious drawback of the restructuring procedure can be considered the serious time spent on preparing the necessary documents and negotiating with bank employees. It is important to understand that if the credit institution refuses, they will simply be useless.

Basic information about the restructuring agreement

Debt restructuring under a mortgage agreement is a revision of repayment terms agreed upon by the parties in order to achieve an optimal solution that allows timely and full payment of the loan.

The procedure allows the client to eliminate the possibility of penalties being assessed, as well as reduce the financial burden.

Banks are interested in ensuring that every borrower who finds themselves in a difficult financial situation does not lose the housing purchased on credit, and also repays the debt in full. Therefore, in most cases, the lender will agree to carry out restructuring if the borrower has objective grounds and reasons for this.