Erroneous revocation instructions for real estate loans
Form error archive – wrong cancellation policy of credit and loan agreements! Formal mistakes in the cancellation of loan agreements – even years after conclusion of the contract – offer many consumers the opportunity to terminate the contract without having to pay the usual prepayment penalty. For example, the Verbraucherzentrale Hamburg has investigated that nearly 80 percent of all revocation policies for real estate loans are wrong, although there are now a large number of judgments of various Land and Higher Regional Courts on this issue.
Although the legal situation often speaks for consumers or customers, most banks ignore in particular the pertinent case law of the Federal Court of Justice and reject the objection of the consumer to a large extent. In view of the estimated 15 million loan agreements in Germany, 10 to 12 million contracts are likely to be affected, whereby bank customers are differentiating themselves from their credit agreements with the help of the “withdrawal joker”, now often referred to in public as the “withdrawal joker”, and thus their interest burden can significantly reduce.
Wrong cancellation policy for real estate loans
For real estate loan contracts concluded with false cancellation policies between Sept. 2002 and Jun. 2010, the right of objection definitely ends on Thursday, 21st of June 2016, at 24:00. For already concluded real estate loan agreements, the right of withdrawal shall be retroactively restricted. If the termination policy issued at the time the contract is made is inaccurate, the borrowers have an unlimited right of termination.
The consumer is now deprived of this right, since the right of withdrawal can only be exercised by 21 May 2016 at the latest. “Withdrawal for false or missing information is a central consumer right that can not be waived, so we encourage consumers to immediately review their credit card contracts to determine if they are entitled to a right of withdrawal.
Real estate loan with wrong cancellation instructions
Revocation Real Estate Loan – Around 80% of all loan agreements involve false revocation instructions. Before a premature termination of a loan agreement for a real estate loan, the consumers should clarify essential issues and may undergo a legal review. The credit institutions have since 2002 to inform consumers about their right of withdrawal at the conclusion of a loan agreement. The bank customer has the right to cancel the real estate loan from the bank within a period of 2 calendar weeks.
Compensation) Compensation, Many banks have not clearly informed their customers about the start of the withdrawal period. Above all, the information on real estate loans must allow the consumer, in the necessary clear and comprehensive form, to easily guess the beginning of the period. The expression “The deadlines begin with the earliest possible receipt of this instruction” is not sufficiently precise.
With the Information and Evidence Regulation (BGB-InfoV), the federal legislator has provided credit institutions and ski banks with an example of a contradiction instruction. Therefore, you will find this wording in many revocation instructions, as credit institutions trust that this wording complies with the legal requirements. However, the BGH specified in its decision of June 12, 2012 that this wording is wrong, even if it is reproduced in the model termination notice.
On the basis of these findings, banks and health insurers have themselves set up their own opposition order for the real estate loan agreement. The revocation instructions used can, in addition to certain recipes, also be invalid because they are integrated into the general business conditions without special emphasis. For example, consumers can not see clearly enough that they have substantial information about their rights and obligations here.
In the event of an incorrect cancellation instruction, the two-week cancellation period will not be set in motion as it will not expire until the cancellation has been duly executed. If this does not happen, then the deadline has not yet begun and the resignation can be made after the end of the contract. The cancellation period leads to the cancellation of the entire property loan.
The interest and principal paid by him as well as any agios / discounts and processing costs are returned to the customer by the credit company. For this he has to repay the loan amount received at market interest rates for the real estate loan. According to a decision of the BGH, there is no withdrawal period. In this way, consumers can still cancel loan agreements even after years, even if they have been fully settled in the meantime.
The Borrower is required to repay the net amount of the loan plus the usual market interest rate within 30 days of the withdrawal. The real estate loan usually contains a mortgage on the property. In the case of a real estate loan, therefore, the borrower must ensure that the house bank or savings bank does not itself declare termination for non-payment of the installment.
If the property that realizes the real estate loan is sold, the following problem area may arise. The conditional borrower may pay the probationary sentence in these cases. This leaves the option to reclaim the money at a later date and to prepare for the purchase of the property immediately. Cancellations are only accepted by credit institutions in exceptional cases, which are issued by consumers without legal assistance.
Enforcing an effective opposition by a lawyer increases the chances that the real estate loan can be continued under new conditions. For the care of your real estate loan and the enforcement of claims against your financial institution, the law firm Höfurtner is at your disposal …. The following credit institutions offered a real estate loan, which partially contained false cancellation policy.