What are the possible consequences if you are unable to pay the mortgage payments? Let’s go into the details and find out together.
For more than a year now, Covid has forcefully entered our lives, bringing with it negative consequences both from a social and a social point of view. cheap. Many entrepreneurs have had to lower the shutters of their businesses, with more and more people grappling with a serious one crisis financial. Being able to deal with the various expenses, unfortunately, it is becoming more and more difficult and for this reason it is not surprising that many people ask, when possible, for the freezing of mortgage and loan installments.
Just the mortgage paymentson the other hand, they represent one of the items that have the greatest impact on the family budget. In addition to having to return what has been received, in fact, the relative must also be paid interests. Precisely in this context a question arises: what happens if you are unable to pay the mortgage installments? So let’s go into the details and see what there is to know about it.
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Mortgage, watch out for unpaid installments: everything you need to know
Following the impact of Covid, the government has decided to introduce various measures to support the families most affected by the crisis, such as the suspension of mortgage payments. In this regard, it is good to remember that suspending the installments, in the long run, involves an increase in the interest to be paid. But what happens, instead, in case a person you do not pay the mortgage installment?
Well, if it is a one-off delay, most banks agree to proceed with an amicable resolution of the matter, provided, of course, that the times are rather short. Furthermore, in the event that an installment is not paid, the default interest which obviously have a higher rate than the one agreed upon at the time of signing the loan.
If the subject continues to be in arrears, therefore, the bank may decide to report the name in a credit information system (Sic) including the Criff, or the Financial Intermediation Risk Center. We remind you that the report is made by the bank and can start from the moment you register a delay of at least 30 days. In the event that it is the first delay, the non-payment must concern at least two months or two consecutive installments. It is therefore easy to understand that reporting to Criff can also occur due to small delays.
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Furthermore, after 18 months from the last time the installment was paid, the bank can provide for put the house up for sale in the event that the customer has signed the default clause. The sale of the property does not necessarily have to take place at auction, with the bank that will cancel the loan even if it receives less than expected.