In Decision no. 623/2016 the Romanian Constitutional Court held that the court must check, case by case, that the conditions of hardship (impreviziune) are met. We assess whether giving in payment is available for your loan.
The Law on giving in payment (Law no. 77/2016, darea în plată) was published in the Official Gazette on 28 April 2016. It concerns giving real estate in payment to discharge obligations under loans.
Under that law, individuals, or groups of individuals organised in associations, who buy, acquire, use or consume products or services outside their professional activity have the right to discharge mortgage loans by giving the mortgaged property in payment to the lender.
In other words, if you have a home loan and can no longer afford it, or no longer want to continue the contract for other reasons, you may be able to discharge all debts under the loan agreement by transferring ownership of the home to the bank.
The procedure starts with a notice to the bank, sent through a lawyer (or a bailiff or notary).
Legal services
- advice on the giving-in-payment procedure;
- drafting and sending the notice to the bank or other creditor;
- negotiating favourable terms;
- bringing and pursuing the action for a declaration that the loan obligations are discharged and ownership transferred;
- assistance and representation before courts, notaries, banks or creditors at every stage of the procedure.
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