Financing single-family house 1964, 145k equity, 582k loan, 6k equity

I would never finance my house with a direct bank where I can't just walk in .... I was there when PSD sold the loans to someone .... No more desire for that ....

Genuine question: (we also have a personal contact on site)

What do I need a personal contact for during the repayment phase? The money just goes off the account monthly and that's it. Honestly, I don't know what I would discuss with my contact in 2-3 years...

Genuine question: (we also have a personal contact person on site)

Why do I need a personal contact person during the repayment phase?
The money just goes off the account monthly and that's it.
Honestly, I don't know what I should discuss with my contact person in 2-3 years...

I would agree with that.
What is important is to have a good feeling during the consultation.
Whether online or offline, everyone has different preferences.
After that, you don't need an advisor anymore. Every bank is reachable by phone for questions during the term.

Although all loans were taken out with the house bank, the loan can be sold by the house bank, depending on the contract. Sparkassen, for example, do not do this. Then borrowers suddenly face a foreign investor as the creditor – and they don’t care that you just became unemployed…

As long as you always pay nicely and everything stays as it is, everything is fine, you don’t need your bank. But woe if ….

Although all loans were taken out at the house bank, the loan can be sold by the house bank, depending on the contract. Savings banks, for example, do not do this. Then the borrowers suddenly face a foreign investor as the creditor – and he doesn’t care that you have just become unemployed …

As long as you keep paying nicely and everything stays as it is, everything is fine, you don’t need your bank. But woe if ….

Well, if you are "just" unemployed, you first get unemployment benefit I (ALG I) in Germany for at least (?) 12 months. Of course, anyone who budgets their installment so tightly that they immediately drown afterwards should perhaps critically reconsider their financial planning. Apart from civil servants, this can happen to anyone at any time, especially with credit terms of 20-30 years. However, I am basically not a fan of financing with 30-40% of net income virtually at the limit.

Nevertheless, nowadays you usually still have the contractually guaranteed option to change/reduce the repayment rate. I don’t think that the contract can simply be unilaterally changed when the loan is sold. Anyone who still doesn’t have a new job after the expiration of ALG I probably has entirely different problems (e.g. health-related). But then no personal contact person at the savings bank can help you either, they have nothing to give away.

Feel free to google

Why banks can auction immediately, focus

It has little to do with what you describe. The article contains everything you need to know.

In short: the investor buys your loan and calls it due for flimsy reasons. You can then try to come up with €200,000 in two weeks.

I hope you have always reported any changes during the repayment phase… Because that is actually stated in the conditions that you have to do that….

That’s what happened to the neighbors and it was almost impossible to find a bank to step in… and if so, certainly not on the best terms.

I have read the Focus article. Not particularly enlightening.

the investor buys your loan and calls it due for dubious reasons

Banks/investors can only call the loan due or auction it off if installments have been missed. Or after the end of the fixed interest period. It is clearly regulated by law how many installments have to be overdue for how long before that is even possible. Being a little late once is not enough.
You cannot terminate the contract for minor issues, such as forgotten information to the bank.

Unfortunately, immediate termination is possible in case of imminent danger of the borrower's insolvency, but that is all very abstract.
Here Focus could have written more than just general blabla.

That is what happened to the neighbors

I am very interested in that, can you elaborate? What exactly happened, why was the contract terminated, and why didn't they find follow-up financing? Was there maybe unemployment, massive devaluation, or other disasters?