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How do you get a mortgage broker? – Challenges

Foreclosure is a way income generation By depositing one or more valuables. It’s not about selling it, it’s about getting a sum of money to be paid with interest to get the pledged items back. If not, it will be sold by public auction. This represents A way to get credit for people banned from banking. A median can also be a way to get through a difficult period financially, whether due to layoffs or simply inflation.

Where and how to take a mortgage broker?

To get a pledge loan, you have to go to Ma Tante. This is what we call a mortgage service, either in one of the institutions of the Crédit Municipal de France. The country has about fifty agencies that overlap the territory. From Lille to Bastia, and from Bordeaux to Grenoble, most major cities were established in France. Visit the site Allows you to locate the nearest branch. You must go there with an identity document and recent proof of residence. You will also naturally have to offer the thing(s) you wish to pledge so that their value can be estimated by the seller at the auction. Depending on the agencies, the type of things that are accepted are more or less on offer. Those that make up the majority of deposits are jewelry, but could also be watches, artwork, musical instruments… Some establishments may give a loan to deposit fine wines, clothing brands, and even collectible comics. Already in 2012 Crédit Municipal de Paris announced that paintings, drawings and comics could be the subject of a mortgage broker. The advantage of this process is that it is instant. Obviously, the loan can be granted very quickly if you sign a contract with municipal credit and you can leave immediately with a cash amount if the contract does not relate to an amount of more than 3000 euros.

How much can be expected and what interests to fear?

You should know that the auction seller’s estimate will not correspond to the amount of the lien. Generally, the amount awarded is between 50% and 70% of the value of the property just appraised. If you want to pledge a main board worth 10,000 euros, you can’t hope to get more than 7,000 euros. In addition to this discount, the institution applies interest rates on any credit. The level of these matters must be legally specified in the contract that binds you to a Crédit Municipality, but be aware that they vary greatly depending on the agency required and the amount borrowed, in particular. It is generally restricted (about 2%) for items of limited value (up to €300) and can be rather high when you cross the threshold of €300 (about 8%) at the Crédit Municipal de Paris. It is also necessary to consider the potential preservation costs of the mortgaged property. These may depend on the size and value of the property, but will also be specified in the contract to avoid any unpleasant surprises. Note that unlike other credits, the pledgee cannot be subject to the right of withdrawal. If you deposit an item and sign the corresponding contract, you cannot cancel the subscription. On the other hand, the amount received can still be repaid with interest to redeem the property and terminate the contract.

What happens at the end of the contract?

Two cases may arise after signing the mortgage agreement. You can, as we just mentioned, repay the award amount and interest at any time during the term of the contract which is generally awarded for two years. Therefore, it is possible to close the contract early or wait for its term and recover the pledged thing. Please note that there are a number of different ways to get a refund, including paying with cash or depositing an item if the property accepts it.

If you cannot pay and your contract is less than two years old, you can request an extension to reach this two-year deadline. At the end of the contract, if you are still unable to pay the loan amount and interest, the mortgaged object will be sold at auction until the foundation can repay the amounts obligated. You will then be released from your contract, even if the auction does not recover the full amount of the loan and interest despite the discount. In other words, you will not have to pay more. On the other hand, it happens that the item in question has continued to increase in value or is of particular interest to the buyer and the lending institution is making a capital gain. In this case, the so-called bonus will be returned to you by the organization, which will use the proceeds of the sale only to compensate for the amount lent, always associated with interest on credit.

(by HREF Editorial Board)

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