Article 40 When concluding a mortgage contract, the mortgagee and the mortgagor shall not stipulate in the contract that the ownership of the mortgaged property shall be transferred to the creditor when the mortgagee is not paid off at the expiration of the debt performance period.
So it is legally invalid for you to agree with him that the house will be yours for one year without interest.
He only owes you 50,000 yuan in principal and corresponding interest. If the interest is too high, the court will reduce it as appropriate.
The law protects you accordingly: ask him to repay your principal and interest. If he doesn't, you have the right to ask the court to auction the property he mortgaged to you. The auction proceeds will give priority to repay your principal and interest, and the excess will be owned by Xiao Li. If the auction proceeds are not enough to repay your principal and interest, Xiao Li will continue to be responsible for repayment. You can participate in public auction and buy at a reasonable price.
In addition, you can also discuss with Xiao Li and calculate the price of the house to pay off the debt. If the price is higher than the principal and interest, you pay him the full difference. If the principal and interest are insufficient, he will make up the difference.
Answer supplement:
Your right to Xiao Li only requires principal and interest. As for the right of the house, it is used to ensure that you can get the principal and interest, not to say that the house is yours-the mortgage is the subordinate interest of the creditor's right, not the main interest. At present, the house has greatly appreciated, so don't increase your greed when you see this. What you want is your principal and interest, not your appreciation.
First of all, not paying back the money for many years can only prove that you can't afford it, but can't prove that you don't want a house. Besides, there is another problem here. If people don't pay back the money because you have never asked them to pay back the money, then they can ask you to pay back the money because your request has exceeded the statute of limitations. If you take it for granted that the house is already yours, you may suffer a big loss.
Secondly, have you rented this house for a long time? If not, if the other party insists, you need to pay the rent.
Third, if you really want to sue the other party, you can only sue the other party's court decision: First, the other party repays your principal and interest. 2. If the other party fails to return the house within the specified time, the court will auction his house, and the proceeds from the auction will give priority to repay your principal and interest (you can buy a house by participating in the auction). If the money is more than your principal and interest, the extra money belongs to the owner, not you.