Withdrawal of the construction loan
Old contracts usually include disputes over the revocation of construction loans. From Nelson Shucflos, who had his building loan. Take back your loan now and save a lot of money.
Use the loan withdrawal / construction loan and other low interest phases! The cancellation policy is alive!
The cancellation policy is at the end! In the face of massive coercion of the bank lobby, the federal legislator has created a legal brake on the expiration of the “indefinite” revocation of real estate loans in 356b (2) sentence 4 BGB. The following rule applies: Since June 21, 2016, the payout wildcard can no longer be used for credits if they were closed before June 10, 2010.
Anyone who still wanted to make use of the old regulation, ie the unlimited right to object to incorrect instructions from consumer credit, must have notified the revocation to his bank by 21 June 2016 to the ibs. Was the contract between 11.6. 2010 and the 20.3. Completed in 2016, the “unlimited” right of withdrawal remains without a deadline. If the contract after 20.3. Completed in 2016, the right of objection for a real estate consumer credit agreement expires in accordance with the above provision “at the latest twelve months and 14 days after conclusion of the contract”.
By order of 14 June 2017, the Frankfurt Regional Court decided, in the course of the opposition proceedings issued in the present case, that loans granted before 10 June Closed and not revoked in 2010, and can be reversed if no contractual document has been made available to the borrower, in the sense of a written original instrument of contract signed by both parties (borrower and lender).
Rather, the loan agreements are often provided only with the signature of the borrower or the house bank, affirms. Henry Jungde, LL.M., Lawyer for Banking and Finance Law at MPH Legal Services. However, the signing by both parties is an essential prerequisite for the occurrence of the opposition period according to 355 BGB Par. 2 S. 3a.
F. BGB, if BuyTern, as in this case, the period for the exercise of the right of withdrawal linked to the delivery of the order deed. In its order of 21 February 2017, No 14 (XI ZR 381/16), the Bundesgerichtshof states that the term “contract document” refers to the document of the contract signed by both parties.
Accordingly, the term “contract document” can not be interpreted objectively elsewhere and, above all, can not be understood as meaning meaning in a particular context only the written request of the lender. The revocation of the letter of intent intended to conclude the loan agreement is intended to repeal the old high-interest contract, ie termination without payment of a prepayment penalty and the use of a penalty for interest and principal payments of 2.5% above the ECB interest rate ,
Advice to lawyers is highly recommended, especially as it is very unusual for credit institutions to make a concession without legal assistance from the borrower. The MPH Legal Services, Attorney Dr. Henry Jungde, LL.M., Specialist Lawyer for Banking and Financial Market Law, represent the borrowers throughout Germany in the enforcement of the loan termination right.