Chapter V: Life mortgage and transfer advance loan

In the event that the borrower or his heirs dispose of the property, the mortgagee is notified of the proposed assignment.In the event that the mortgagee disputes the value of the property set out in the deed of assignment, the property is appraised by an expert chosen by mutual agreement between the creditor and the borrower or appointed at the borrower’s request.If the value of the property ultimately proves to…

If the borrower defaults on the periodic repayment of interest, the lender may demand immediate repayment of interest that has fallen due but has not been paid.

When the lender is led to request the cancellation of the contract, it may demand the immediate repayment of the capital paid in, as well as the payment of accrued interest.Until actual settlement, the sums remaining due shall accrue default interest at a rate equal to the rate of the loan. In addition, the lender may claim compensation from the defaulting borrower which, without prejudice to the application of the…