BEFORE AND AFTER THE TERMINATION OF THE CREDIT AGREEMENT
Below you find information about the possible legal steps after the termination of a loan agreement (1), and the programme of the National Asset Management Agency or Nemzeti Eszközkezelő Zrt. (2), which enables debtors to sell residential property securing their mortgage loans to the state.
(1) In order the enforce overdue debts, the Bank may initiate the issue of a payment order or launch a lawsuit, or enforcement through the courts.
Real estate that is used as collateral to secure mortgage loans may be sold at an auction during the enforcement process. If the proceeds from the sale of the asset do not cover the total debt, the personal obligor (debtor, co-debtor, guarantor) will be left with further payment obligations towards the creditor.
In the course of the enforcement procedure, the obligors shall be liable for the debt with any of their traceable property without sequencing and so any other real estate or movables owned by them may be sold by auction and income from them might also be blocked.
Enforcement may be initiated by the Bank. Opening and conducting Enforcement Proceedings entail duties and other expenses. These expenses must also be borne by the obligor.
Should you need further information on judicial auctions, please visit the website of the Hungarian Chamber of Court Bailiffs. If you need more information, please call UniCredit Bank Hungary Zrt. Retail Workout Unit on 06 1 301-5370 or on 06 1 374-7980, where our colleagues will give you preliminary information, on working days from 8 a.m. to 6. p.m.
(2) The programme of National Asset Management Agency or Nemzeti Eszközkezelő Zrt. enables debtors to sell residential property securing their mortgage loans to the state.
Within the framework of the Government’s Home Protection Action Plan, the Asset Manager purchases the property of the debtors for the state and the creditors lift the encumbrances from it in exchange for the purchase price distributed among them. Furthermore, part of the receivables not covered by the purchase price is cancelled from the total receivables arising from the loan agreement. This programme also allows the debtor to remain in the property. In addition, the original owner may be able to repurchase their residential property later.
Debtors must comply with the required statutory requirements before joining the Asset Manager programme. Debtors having loan agreements denominated in FX and HUF may request joining the Asset Manager programme. The administration is free of charge.
The Asset Manager may purchase the property only if all conditions have been fulfilled. The Bank may not disregard the terms and conditions laid down in the law. To find out more about the detailed terms and conditions of the programme please visit our website at www.unicreditbank.hu under the title of Repayment difficulties, or the website of the National Asset Manager or visit any of our branches.