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Mortgage payments, what to do if you are unable to pay them: three possible ways

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Difficulties in paying mortgage payments can be overcome by choosing between solutions, renegotiation, and a solidarity fund.

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Apply for a mortgage It is often the only way to purchase a property. The banks disburse the necessary funds and the customer undertakes to repay the debts in monthly installments Fixed or variable amount. The amount to be paid will be determined monthly of the applicant’s salary – The ratio between the premium and the wage is equal to 30/35% – and the duration of the depreciation plan. However, it may happen due to a period of economic hardship, job loss, or a reduction in the number of working hours fail to match What is due. Possible solutions to this problem There are three And it will make it possible that you will not be in a state of default, and then pass by Consequences of not paying.

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Mortgage installments solve payment difficulties with solutions

When you realize that you may find it difficult to make your mortgage payments, you may ask solutions. This tool allows you to Funding Transfer In another credit institution that offers better and more advantageous conditions. The local bank is obligated to approve the passage and the whole process It will be free. Payment for a change can be given by way of lower interest, by the possibility of suspending payments in case of need or moving a premium to the end of the amortization plan, from More flexible or for a lower monthly amount.

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Re-negotiation is the way to salvation

If you are unable to pay the mortgage, you can try to order one from the bank Re-negotiate the terms. The lender will only evaluate the application after the customer has submitted strong guarantees Such as having a guarantor, new income, or new income from alternative annuities (rent, pension or investment income).

practice renegotiation It’s free It will affect the interest rate, spread, contract type (fixed or variable mortgage) and the term of the amortization plan.

Takaful Fund for Mortgage Payments

The Ministry of Economy and Finance runs a fund called Mortgage Suspension Fund for First Home Purchase. By applying to your bank, it will be possible to access the fund in order to get a suspension of payments 6 Mesa to 18 Mesa. Terms of access are Termination of the business relationshipsuspension of work for at least thirty days, emergence of a serious disability or of not being self-sufficient Reducing working hours for a period of no less than thirty days.

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