Are you no longer able to pay the mortgage installments? There is a way to request the suspension of the loan without incurring penalties or foreclosures: we explain what to do.
If you find yourself in financial difficulties and you are unable to comply with the payment of the mortgage installments, you have the possibility of resorting to the suspension of the loan, provided that this impediment is due to very precise and objective conditions. Among the causes provided for by the legislature, the sudden loss of work, the reduction of working hours or the onset of serious health problems, are valid reasons for obtaining important benefits.
Is there a law that protects me?
To offer a guarantee of temporary suspension of payments to subjects who have taken out a mortgage, but who are in temporary economic difficulty, Law No. 244/2007 established the Solidarity Fund for First Home Purchase Mortgages, which offers the possibility of postpone the payment up to two times, for a total duration of 18 months, as indicated by the law of April 27, 2013 which made the fund operational.
In what cases can I request temporary suspension?
In order to take advantage of a period of mutual suspension, the law assumes that in the three years preceding the request, the aforementioned problems have arisen:
- job loss;
- serious handicap or condition of non self-sufficiency;
- death of the mortgage holder
In addition, it is essential that the installments have been paid for at least one year at the time of the suspension request and have not accumulated more than 90 days of delay on monthly payments. In any case, no facility is provided if the borrower’s ISEE exceeds $ 30,000 or if the total loan amount exceeds $ 250,000.
In the event of the death of the mortgage holder, the request for suspension can be made by the heir who takes over the payment of the installments.
How can I apply for a loan suspension?
If you are in one of the aforementioned conditions of economic hardship, you can send the application for a loan suspension directly to your bank by submitting the documentation useful for obtaining the approval of the Consap (Public Insurance Services Dealer) and consequently, access to the Solidarity fund.
Furthermore, with the Millederoghe 2018 decree, you will have the possibility to obtain the suspension of the repayment of the principal amount of the mortgage for a maximum of 12 months by continuing to pay only the interest portion. In this way, the duration of the amortization plan will be extended by the number of months corresponding to the suspension.