What is Foreclosure and Mortgage Cancellation?

What is Foreclosure and Mortgage Cancellation?

There are many terms used in the real estate sector. The usage area of each term is of course different.

If you are a person far from the real estate sector, it is normal for these terms to be unfamiliar to you.

However, if you are interested in the real estate sector and investments, it is useful to know every term.

One of these terms is Fek.

What does fek, a term generally used in the real estate sector in Turkish, mean, in which areas is fek needed?

The answers to these questions and much more are in our content we have prepared for you.

What is Fek?

The word fek, which comes from Arabic in origin, means to transfer something to another place, to move it. In the real estate sector, the word fek means the removal of obligations such as mortgage and pledge on an immovable property.

What is Mortgage Cancellation? Why is Mortgage Cancellation Important?

Mortgage release means the official removal of the mortgage obligation on a property. Mortgaging a real estate constitutes a major obstacle to the transactions to be made with that real estate. In other words, mortgaged real estate cannot be sold, transferred or allowed to be shown as collateral in any official process.

In short, mortgage cancellation is of great importance for the real estate to be easily traded in market conditions.

 

How Does the Mortgage Foreclosure Process Work?

The first step for mortgage cancellation is to pay the debt determined for the mortgaged property to the relevant institution. After the payment of the entire debt required for the mortgaged real estate, the bank prepares the necessary documents for mortgage cancellation and this document is submitted to the land registry office.

After the necessary examinations are made by the land registry office, the mortgage on the real estate is officially removed.
 

What are the Documents Required for the Annulment Letter?

The annulment letter is of great importance for the removal of the mortgage. In order to prepare this document, the following steps must be completed:

In order to prepare the annulment letter, first of all, all the debt determined for the mortgaged real estate must be paid / closed.

After the payment is made, an official letter must be received from the bank stating that the debt has been paid and there is no receivable left.

After receiving a letter from the bank stating that the debt has been paid, the land registry office should be applied with this letter.

After all examinations are made by the land registry office, the mortgage is removed.

 

What are the Documents Required for the Release Letter?

The annulment letter is of great importance for the removal of the mortgage. In order to prepare this document, the following steps must be completed:

In order to prepare the annulment letter, first of all, all the debt determined for the mortgaged real estate must be paid / closed.

After the payment is made, an official letter must be received from the bank stating that the debt has been paid and there is no receivable left.

After receiving a letter from the bank stating that the debt has been paid, the land registry office should be applied with this letter.

After all examinations are made by the land registry office, the mortgage is removed.

The mortgage process is an important process that must be carried out in coordination between the real estate owner, the buyer and the bank.

If the foreclosure and mortgage cancellation processes, which are frequently encountered in the real estate sector and are of great importance, are carried out correctly and completely, the value losses that will be experienced in the mortgaged property in question will be prevented.

If you are experiencing such processes and have difficulty in process management, you can get help from an expert and ensure that the process is resolved quickly and smoothly.

You can visit our blog page for more information and content about the real estate sector, and you can contact Proturk Property's real estate consultants with more than 20 years of experience in the sector for information on investment issues.