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What are the conditions for a third-party mortgage guarantee?

Time: 2017-06-20         Source: Luo Ye Law         Author: Luo Ye law

First, how to understand third-party mortgage guarantee?

The guarantee method is divided into guarantee, mortgage, pledge, lien and deposit. A third-party mortgage guarantee can provide a guarantee, mortgage guarantee or pledge guarantee. When the third party provides the creditor with a guarantee, the debtor may request the debtor to provide a counter-guarantee. There are many requirements for providing guarantees. You can look at the guarantee law.Have sufficient and stable repayment ability for the borrower's loan, and work and income are stable; at the same time, have a good credit record. After the guarantee, it can be a good joint repayment obligation for the borrower's loan.


2. What conditions do third party mortgage guarantees need to meet?

When the borrower applies for a third-party mortgage guarantee, the lending institution has certain requirements for the guarantor in addition to the borrower's requirements. Because the guarantor also bears important responsibilities, no one can act as a guarantor. Let's take a look at what conditions are required as a third-party guarantee loan guarantor.

1. The guarantor needs to be a natural person with full civil capacity. The age range is from 16 to 65 years old.

2. The guarantor needs to provide a valid identification, such as an ID card or a household registration book. If the guarantor is married, a marriage certificate is required. Unmarried proof is also required for unmarried.

3. The guarantor truthfully provides a personal credit report to prove whether he has debts and whether he has a good credit record.

4. The guarantor has a stable economic income and voluntarily provides guarantees to the borrower to help them repay the principal and interest when the borrower is unable to repay the loan.

Therefore, the guarantor must have a certain economic foundation because,Once the borrower fails to repay the loan normally, the guarantor shall bear the responsibility of continuing to repay the loan. If the guarantor fails to pay the interest on time, it will also adversely affect his credit history..

3. What is the risk of a third-party mortgage-backed loan?

It depends on whether the guarantee you made when you originally secured it is a joint liability guarantee or a general liability guarantee. If it is a joint responsibility guarantee, the creditor can choose which one is easy to enforce between the debtor and the guarantor, and which one to execute first; if it is a general guarantee liability guarantee, then the debtor’s assets must be pursued first, and the remaining debts after the full compensation are reclaimed from the guarantor. . Secondly, see if the guarantees of the three of you are reinsurance or joint guarantee, that is, the three people are responsible for the guarantee of part of the amount, or everyone is guaranteed for all debts.If it is reinsurance, you only need to bear the guarantee responsibility for the amount of the guarantee. If it is a joint guarantee, and you are the strongest among the three, you may execute your collateral first..

In summary, in a third-party mortgage-backed loan, the third party must be a natural person with full capacity and must have a certain economic foundation in order to become a guarantor. Because if the debtor has difficulty repaying the loan, the guarantor is responsible for the joint and several liability, that is to say, the obligation to continue to repay the loan. When people apply for mortgage loans, it is often easier to get loans through third-party guarantees.

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