MP spoke about the risks of mortgage donation
Mortgage donation may fall under criminal actions. If the bank discovers the fact of deliberate misleading, it may qualify as fraud under Article 159 of the Criminal Code of the Russian Federation. Sergei Gavrilov, chairman of the State Duma Committee on Property, Land and Property Relations of the CPRF faction, told Izvestia on January 22.
"Mortgage donation is an unofficial and rather risky scheme in which a person who is not eligible for a favorable family mortgage resorts to the help of relatives or friends acting as co-borrowers. Despite the apparent simplicity of this approach, it carries a lot of dangers for both the borrower and the co-borrower, and the consequences can be much more serious than expected," Gavrilov explained.
According to him, the co-borrower, agreeing to participate in such a scheme, actually signs up for a full division of responsibility under the mortgage contract. This means that he is jointly and severally liable with the main borrower to the bank. If for any reason the main borrower ceases to pay the loan, the obligations automatically fall on the shoulders of the co-borrower. At the same time, such a development may lead to deterioration of his credit history, and in some cases even to legal proceedings with the bank, which will seek to recover its funds.
In addition, there is a risk for mortgage donor participants that they may be subject to criminal actions. In the event that the bank discovers that it has been deliberately misled, this may qualify as fraud under Article 159 of the Criminal Code of the Russian Federation. Fraud involves deceit or breach of trust for the purpose of obtaining a benefit, which can threaten an impressive fine, arrest or even imprisonment for up to ten years if the amount of the loan turns out to be significant.
"Additionally, there are also property risks. Housing purchased with the participation of a co-borrower becomes common shared property. Even after repayment of the loan real estate can not always be transferred to the main borrower, if the co-borrower decides to keep his share," - summarized Gavrilov.
Earlier, January 13, head of mortgage lending development company "Mangazeya" Julia Arkhangelskaya told "Izvestia" about the trends of the credit real estate market. According to her, one of the main topics of the year will be the mortgage standard, the task of which is to "bring order" to the housing lending market from January 1. In addition, combined programs with preferential mortgages will be abolished in 2025, as well as manipulations with rate subsidies between the bank and the developer, resulting in an increase in the cost of real estate.
