Who is in difficulty in paying the mortgage installments, what are the consequences? In these cases, is there a risk of reporting to the Central Credit Register or, worse still, of losing the house? In this article we will see with the Projections Technicians what can be done if you are unable to pay the mortgage on your home.
Sometimes it happens that the taxpayer finds himself in serious economic difficulties such as to prevent him from honoring the payment provided for in the amortization plan. In this case, the situations facing the taxpayer are many and depend on different factors. The first thing that is suggested to do when you are in trouble is to contact the lender in question. It could be decided, with the help of the bank, to renegotiate, subrogate or suspend the loan in some cases.
What happens if you pay your installments late
What can you do if you are unable to pay your mortgage or are overdue on your balance? According to the provisions of current legislation, the balance of the late installment involves the additional interest on arrears. These are calculated on the basis of the number of days that accumulate overdue. In this case, it is good to remember that the bank considers the taxpayer who falls within one of the following cases to be in default:
- you fail to pay one or more installments of the amortization plan;
- has a delay in payment of the installment exceeding 180 days with respect to the original deadline;
- when the payment of at least 7 installments is delayed between the 30th and 180th day.
If one of these cases falls, the credit institution proceeds to report the taxpayer to the CRIF Risk Center. In any case, the customer has the right to receive a notice from the bank to the extent that the institution initiates any procedure.
What can you do if you are unable to pay the mortgage? The most extreme cases
In the most extreme cases, it is possible that the bank decides to terminate the contract and proceed with the foreclosure of the property to guarantee the loan. Or, it could proceed with the enforcement of the surety that the guarantor has operated. The real risk of loss of the property arises when the debtor does not pay more than 18 installments to the bank. In this situation, the credit institution could result in the foreclosure of the property. In this regard, we remind you that the legislation has established the so-called Law n. 3/2012, better known as the suicide-saving law. In cases of over-indebtedness, the debtor is granted the possibility of planning a repayment of the debt with installments that are sustainable for him. For the law to be applicable, the criteria that define the real over-indebtedness must exist. By contacting your credit institution, however, it is possible that the debtor will be able to find the best solution to honor the amortization plan.
A useful suggestion on how to recover the money from the interest expense through the presentation of the 730 model, can be consulted in thein-depth here.
–
