The mortgage contracts will contain an execution formula. “If the person cannot repay the loan on time, the creditor will be able to start the forced execution procedure out of court,” Vasile Vulpe, division head at the Ministry of Economy, said in a news conference, quoted by Info-Prim Neo. The creditor will use the mortgage contract and will not need to go to court in order to obtain a court decision or an ordinance in this respect. “The possibility will appear after this clause is included in the mortgage contract at the stage of negotiations between the sides. If the sides agree on the clause, when the contract is authenticated the notary gives the given clause execution power,” said Vasile Vulpe. He also said that the given amendment will facilitate the implementation of the procedures for executing the mortgage right and for clearing the debts to banks or other institutions that provide mortgage loans. When the foreclosed collateral is taken outside court no state tax is paid. A large sum will be saved as the tax in court trials is paid by the debtor. It is calculated based on the size of the loan and can reach 25,000 for private individuals and 50,000 lei for legal entities. Economic analyst Adrian Lupusor, of the Independent Analytical Center “Expert-Grup”, said the inclusion of he execution formula in the mortgage contracts may stimulate lending of this kind. However, balance should be ensured between the rights and obligations of the creditors and debtors so as to protect the latter. The amendments to the Law on Mortgage and other laws will come into force on March 14.