Another option that should be pursued is to renegotiate the mortgage loan initial conditions to try to adjust them to current circumstances. An alternative is to try to lengthen the term of the mortgage payment. Although the price increase to repay the money borrowed over a period greater, the main obligation, pay, may be meet because the increase of the period should entail a reduction in the monthly fee. There are occasions in which unfortunately these conditions are not sufficient because simply what happens is that the mortgage cannot be paid by very good will that you have. One of the options that there are in this case is the dation in payment, i.e.
offer to the Bank or to the box the ability to convey the ownership of the property to pay off this debt. Another option is to try to sell the apartment or the House and thus get rid of the debt, and in the event that there are more options, the Bank or the three to six months will start the foreclosure process in order to proceed with the seizure of the property to pay off the debt. If finally the property goes to auction and a third awarded it is, with the purchased amount the Bank or resarcira debt and excess, if you spare something, will be to the mortgagor. During the process of foreclosure, the debtor has the possibility of rehabilitation of the mortgage loan. In this case, the law of Civil Procedure provides that if the mortgaged the family home, the debtor may even without the consent of the creditor, freeing the good through the appropriation of the exact amount that principal and interest were expired on the date of submission of the claim of foreclosure. Thus, released a good first, may release in second or subsequent occasions, provided that they at least medien five years between the date of the release and the requirement for judicial or extrajudicial payment made by the creditor.