Banks and other lending institutions in the United Arab Emirates are becoming more flexible with customers experiencing financial difficulties. because the number of outstanding mortgages in the country, will likely continue to increase because of the growing number of people unable to pay its debts. Some people just bring and give us the keys to their apartments before leaving the country. “- says an international consultant on mortgage lending an independent consulting company Sherwoods Independent Property Consultants Louise Buff (Luisa Baffa), -, however, must recognize that some uae banks are trying to make concessions to their clients, modify and extend the payment schedule to allow creditors to recover their financial position. ” Banks are definitely becoming more tolerant of their klientam. general manager of real estate advisory firm The Specialists Sobhi Agha (Sobhi Agha), – If they would continue to continue to take a tough stance, it would lose customers who were forced to just throwing their debts and flee, so they have to learn to maneuver and flexibility, adapting and getting used to the problems of customers and their requests. ” According to the Dubai mortgage operator Amlak Finance, in 2009 he captures a greater number of unpaid loans than in 2008 and expects that number to continue to increase in 2010. Mortgage market in Dubai is estimated at present to 20 billion dirhams (5.4 billion dollars USA), which was 5.4 billion dirhams (1.4 billion U.S. dollars) more than it was in 2007. “In these uncertain times of global economic crisis would be surprising if the number of defaulters in the uae would remain the same. Country experiencing the same difficulties as all other countries in the world “- says head of department of real estate at dla Piper Middle East O’Gredi Tom (Tom O’Grady). In addition to the usual semi-annual deferral of payment, already prevalent in banks, Some of them have begun to offer investors smaller apartments to replace those that have been chosen by them before the crisis. The number of banks included First Gulf Bank, Abu Dhabi Commercial Bank and Emirates nbd. “It is clear that when the financial difficulties and the creditor and the bank must attempt to mutually resolve them in a friendly and peaceful manner. “- says O’Gredi -” We work with many banks and owners and investors / buyers who are in similar situations, and helping them find solutions to problems that may be expressed either in the revision and postponement of payments or restructuring debt payments. In general, do everything possible to avoid litigation or deprivation debtors’ rights to property “. Due to the absence of a universal mortgage legislation situation resolve disputes related to non-payment, the uae is different. Recall that in 2008 in Dubai was Act on the mortgage, which defines the procedures and requirements for the deprivation of the debtor’s right of redemption and the possibility of selling the property at auction. In other emirates, where currently no There are no laws on the mortgage, subject to the provisions of the Civil Code of the United Arab Emirates. Nevertheless, even in the existing law there is no specific article on the basis of which banks or other financial institutions would have the right to take property. In all cases, to return property or transfer the rights to it to court, this material has been prepared _ .Ru.