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Generally speaking, both parties are the debtors in the contract of house mortgage. In this case any change concerning debtors happens, the bank’s permission is essential. Otherwise both parties have jointly obligations to pay off the loans even if both parties have reach agreement concerning the change of the debtors.
Relevant case
Mr. Zhang and Ms. Liu got divorced via mediation by civil affairs bureau at X District in Beijing. Both parties have come to agreements in the divorce agreement as follows:
1) Both parties got divorced by mutual consent.
2) Without issue.
3) The property right of the commercial residential premises, located at Room 1302, Lane XX, XX Rd. in XX District, Beijing, is possessed by the female party and the female party should continue refunding the loan and make a lump-sum of compensation payment of 420,000 Yuan to the male party.
Although Liu has paid the compensation payment of 420,000 Yuan to the male party according to the agreement, after the divorce procedures, the male party Zhang didn’t cooperate for the procedures of the transfer of property right. Liu, with the divorce certificate and the divorce agreement, was informed at the real estate trading center that the transfer procedures of the core creditor should be conducted under the grant from the bank providing the housing mortgage. Then at the bank providing the housing mortgage, Liu was informed that the transfer procedures should be conducted with the housing mortgager or his agent (The commission should be notarized.) in the presence. Under such circumstance, Liu had no alternative but to turn to lawyer for help. Under the lawyer’s mediation before the lawsuit, the transfer procedures were finally completed with the cooperation of Zhang. |
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