A borrower has the ability to transfer his mortgage from one bank to another that offers better conditions.
spoken in this sense of portability of the mortgage. Decree-Law No. 7 of January 31, 2007 (the so-called Bersani Decree) has determined that all loans must be guaranteed the full portability. In legal terms this is invoking Article 1202 of the Civil Code, which dictates the discipline of "subrogation by the will of the debtor." In the past, the replacement of mutual necessarily imply the cancellation of the old mortgage and registration of a new one. The Bersani Decree instead determined that this operation can be conducted with a single act of subrogation , resulting in cost savings notary . In this way, the new bank takes over mortgage already registered by the original creditor, and the surrogate will be annotated in the margins of the mortgage. The successor institution will therefore pay the old outstanding debt, replacing the original creditor in connection with the borrower, which will reimburse the new bank, under conditions agreed with latter. If the original contract provided for the payment of a penalty of extinction advance, it should still be recognized to the old creditor, to compensate for loss of the operation. In fiscal terms will be kept all the benefits received in relation to mutual sostituito.Ad today not all banks have procedures in place to subrogation to ensure the portability of the mortgage. The replacement can be done so only in the classic form, although not enter into force April 2, 2007 the new rules on the cancellation of the mortgage, the transaction cost is now closer to that of "portability", differing only for ' mortgage tax, which will again paid.
spoken in this sense of portability of the mortgage. Decree-Law No. 7 of January 31, 2007 (the so-called Bersani Decree) has determined that all loans must be guaranteed the full portability. In legal terms this is invoking Article 1202 of the Civil Code, which dictates the discipline of "subrogation by the will of the debtor." In the past, the replacement of mutual necessarily imply the cancellation of the old mortgage and registration of a new one. The Bersani Decree instead determined that this operation can be conducted with a single act of subrogation , resulting in cost savings notary . In this way, the new bank takes over mortgage already registered by the original creditor, and the surrogate will be annotated in the margins of the mortgage. The successor institution will therefore pay the old outstanding debt, replacing the original creditor in connection with the borrower, which will reimburse the new bank, under conditions agreed with latter. If the original contract provided for the payment of a penalty of extinction advance, it should still be recognized to the old creditor, to compensate for loss of the operation. In fiscal terms will be kept all the benefits received in relation to mutual sostituito.Ad today not all banks have procedures in place to subrogation to ensure the portability of the mortgage. The replacement can be done so only in the classic form, although not enter into force April 2, 2007 the new rules on the cancellation of the mortgage, the transaction cost is now closer to that of "portability", differing only for ' mortgage tax, which will again paid.
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