The party has the right to sell mortgage assets

Perhaps the content of refinancing mortgage makes the NH law experts "awe" for feedback sessions of TCTD on the civil code (Amendment) regulations is collateral sold side, replace, Exchange, donation, lease, loan mortgage lenders object without the consent of the receiving party.

This is a new point of view by provisions of the civil code, in case the collateral is goods side of the carriage, the mortgage refinancing the right to sell without the consent of the receiving party. But with the kind of assets to sell, want to replace, they must receive the consent of the receiving party.

But, according to Mr Huy, Deputy Director of Department of secured transactions (Ministry of Justice), the drafting Committee members, practical application of laws in the past, very few cases parties get a mortgage agreed to the sale of mortgage assets. This makes collateral carried away make sure freezes and does not exploit the economic value.

Also according to him, if the new rules are applied, the protection of the rights of the mortgage will pursue right through the property to the end of the mortgage. With the sale of the property to the public registration mechanism, transparency, i.e., property buyers are considering reverse mortgage information whether to purchase or not when this property is used as collateral.

Together with the procedure for resolving civil disputes and lawsuits under the shortened procedure; enforceable judgment immediately for the transaction which the parties have made public, transparent and have the agreement on the application of rights comply immediately "will help the party get a mortgage right to pursue enforcement of its assets.

This is one of the new spots just ensure mortgage refinance the economics of property, just push this trading transaction and establish a legal way ", he command the explain more.

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