Revocation Real Estate Credit
Property Loan: The end of the cancellation broker is sealed.
Saving a thousand Euros by getting out of real estate loans because of formal mistakes – that will soon be impossible: the will put an end to the reprehensible joke. Real estate buyers need to know this now. For example, homeowners can use the revocation broker to withdraw from loan contracts years later. Basic requirement: a wrong cancellation policy. Contrary to the votes of the Union, he passed a bill last Tuesday that puts an end to the broker.
The indefinite right of resignation is thus eliminated even with old contracts.
Property owners who want to withdraw the cancellation wild card now have little time left. What exact tasks does the revocation broker have? As a rule, anyone who makes a real estate loan has only 14 days to terminate the loan agreement. If yaberns has not informed the consumer correctly about its right of withdrawal, the customer can cancel the contract years later – that is why this procedure is also referred to as a cancellation broker.
The interesting thing is that the majority of the loan contracts from 2002 to 2010 had false revocation instructions. Anyone who has reached such an agreement can lift it today – to the annoyance of the banks: Because the credit interest today is much lower than at that time, bank customers can save several thousand euros by the use of this regulation.
What changes are there now with the cancellation broker? The resignation of new real estate loan agreements is only possible from this date up to twelve and a half months after conclusion of the contract – even if yaberns has not informed the consumer correctly. Consumer protection organizations had already criticized these changes in advance: If it only turns out years later that an instruction was incorrect, the right of withdrawal had already expired.
The beneficial termination of an existing loan agreement is the case on July 20, 2016 – three months after the law – in prehistory. The one who still has an outdated credit agreement with false cancellation policy and wants to deduct the revocation must therefore rush. The procedure of the borrower in such a contract conclusion is explained in our article “Wrong Cancellation: Revocation of credits in three steps”.
Better to withdraw a loan than to cancel it
Why is it even better to withdraw a loan than to cancel it? Anyone who cancels a loan must pay out a so-called prepayment fee. In addition, yaberns is not required to indemnify the consumer from the purchase agreement: it may demand that the loan continue to be repaid. These two aspects do not apply when the balance is released.
However, the principal must repay the entire loan amount within four calendar weeks of the resignation. Therefore, debtors should ask for a house bank before the loan is withdrawn. Detailed information can be found in the article “Wrong Cancellation Policy: Withdrawal of a loan in three steps”. How do I know that a defective cancellation policy exists?
Formulations that do not clearly state when the withdrawal period begins
Formulations that do not clearly state when the withdrawal period begins or how long it lasts have been deemed ineligible. In this case, the periods begin only with the receipt of this instruction. “The beginning of the term is the day of receipt of the signed loan agreement.” The deadline expires today. “The period will not run until you receive this instruction, but not until we receive the signed copy of the loan agreement.
“You can request your contract declaration within two calendar weeks (one month) * without giving reasons in writing to convert them (eg letter, fax, e-mail).” Please check the deadline on a case-by-case basis. “The withdrawal period will expire one day after the borrower has been informed of this instruction and a contract document, the request for a written loan or a copy of the contract document or application for a loan has been submitted.
“â € œIn addition, several provisions are invalid because essential data is missing â €” for example, the address to which the opposition should be addressed, â € explains julitor Julius Reiter. Also, many banks have not properly and comprehensively explained the consequences of a revocable transaction. For example, sometimes there is no indication that the house bank has to repay the payments made within 30 days.
It would also be a pleasure to disguise the fact that after the resignation, the SNB must repay any services already received, such as processing fees. Consumer centers and specialized lawyers can help to check whether the cancellation policy in the order is wrong. But beware: The courts evaluate each loan agreement individually – and not always evenly. Even if a formula has already been found by another judge to be ineffective, it may happen that the property owner sits in a rejection of his claim on the costs.
Will the new law also bring with it changes that debtors can expect? In the future, a right to objection should also apply to zero percent financing, as with all other real estate loans – this has not been the case so far. The financing of real estate financing will be subject to a right of revocation. The new law revolves around real estate loans. If you submit a loan application for the purchase of a car or a new kitchen equipment, you still have unlimited time to withdraw from the contract if the cancellation policy is incorrect.