An increasing number of Italians must apply for a mortgage so that you can buy a house, but sometimes it happens that you pay it late or not be able to pay the debt at all. In April 2016, a new law in this regard launched by the government which, in addition to illustrating in detail the consequences, also presents the formula of calculation of late payment interest.
Domiciled loss for 18 unpaid mortgage payments
New mortgage law: what does it provide?
With the new decree of Minister Padoan on the unpaid mortgages, l’expropriation of the house becomes very difficult. Why ? Especially since the bank before automatically entering into possession of the property and putting it up for sale – provided this possibility is explicitly provided for in the mortgage contract – will have to wait 18 unpaid installments, no more than 7 as previously established. But according to the report of the National Council of Notaries (via a note dated June 24, 2016), the new measure, which has been widely discussed and largely modified from the original version, does not appear to be applicable before mars 2017.
Regardless of the extended entry into force, we learn that, depending on what is established, the possible sale without going through the judicial auction is only provided that the buyer, supported free of charge by a trusted consultant, has freely signed the default clause, a procedure fully supervised by the Bank of Italy. This means that in the event of a fault after 18 consecutive unpaid installments, the house (valued by an independent professional chosen by the parties or, in the absence of agreement, appointed by the President of the Court) can only be offered for sale with a specific act of disposal of the property by the consumer.
The new legislation by default is not retroactive : you cannot insert the clause in a mortgage contract already in place, already concluded or for substitution, but only in a new contract.
What are the advantages for the citizen?
The sale of the property will force the bank to pay off the mortgage even if the value of the asset is less than the residual debt unpaid by the owner. In other words, all the risks resulting from the loss of value of the good is not the responsibility of the moral purchaser, but of the financial entity (specifically the bank). Second, still under the law, the objective is also to regulate the “Walking pact”, mechanism by which the banking institution can always owe and is obliged to return to the consumer any surplus. It would therefore seem that this new law offers greater advantages for the citizen at the time of the stipulation, increasing his protections and forcing the bank to greater transparency.
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should be borne in mind that in case of difficulties with the mortgage payment, once the nature of the problem has been established, there are still possible procedures that could allow you to contain the damage more or less serious according to each individual case.
When are you considered a child?
Synthetically, it was considered moreux if we fall into one of the three cases following:
- non-payment ofone or more mortgage payments ;
- late payment greater than 180 days from the initial maturity of the slice;
- late payment of at least 7 payments between the 30th and the 180th day.
Consequently, the bank can then proceed with the termination of the contract by gripping the property, if any, obtained from the loan, or in the foreclosure of any caution possible placed by the subject who was the guarantor. In any case, if one of these procedures is initiated, the customer has the right to be notified.
Overdue mortgage
There are many reasons for the delay in payment of the mortgage down payment, namely:
- Economic reasons : in this case, if, on the payment expiry date, you do not have sufficient account coverage to process the mortgage payment, we recommend that you notify the bank as soon as possible, perhaps trying to request an extension of the down payment. . If the loan had been granted by a online institution, it would be good to go directly to the counter, rather than contacting customer service. In addition, if the economic difficulties were due to a loss of work or even to another cause, it is possible to ask for the suspension of the mortgage or a surrogate mother. It would seem, in fact, that the Bank of Italy pays special attention, trying to meet, to those who have serious difficulty in paying these installments.
- Technical reasons : in this case, it is not the responsibility of the bank, but of the borrower ; it is up to the latter to verify monthly the successful payment of the installment and to report any technical problem to the establishment.
Unpaid mortgage: what’s going on?
Instead of that, the non-payment the mortgage down payment involves having to pay late interest of payment. How can I calculate them? Here is the standard formula:
the interest rate 2016 on expired mortgage payments is approximately 8%. We remind you that we must also add to this the expenses of the borrower’s formal notice, namely the insolvent costs, the reminder letter (5 euros) and the expenses of debt collection.
3 likely consequences if you don’t pay the mortgage
The three possibilities configured in case ofunpaid mortgage are the following :
- Return procedure : The property is returned to the bank; this assumption refers to cases where the house is already owned by the bank.
- Sales procedure : ownership of the asset is transferred to the bank; in this case, the credit institution can subsequently sell it as its own.
- Property : The property is temporarily held by the defaulting citizen, but the bank can sell it to third parties.
In the first two cases, the consumer is not in debt when the bank declares that it wants to exercise the clause, while in the third case, debt settlement begins when the bank sells the property.
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