2023-09-24 17:59:53
The current economic situation is calling into question the situation of many families. When paying your own casa to the bank, difficulties may arise due to the increase in precio of the mortgage.
This can lead many people to not be able to take care of the casa and to consider selling the property. Among other reasons, due to the enormous growth of euriborwhich in the summer of 2023 has been around 4%, which represents very high interests.
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An example: A person who has requested a mortgage loan of 150,000 euros for 25 years, with an interest of Euribor plus 1%, will pay 260 euros more per month this year. Or what is the same, 3,100 euros throughout the entire year.
To deal with this price rise, many are wondering if it is the right time to sell the casa. At the end of the day, if you can’t pay the fees, there is no other option but to sell it. Or if?
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The alternative to selling your home if the installments are inaccessible to you
No matter what happens, you should not stop paying fees to the bank. This will plunge you into a situation of non-payment that can end very badly, even in eviction. However, an alternative to consider is to try to negotiate with the financial institution.
A complicated option to obtain, but possible, is to request a moratorium. This is a temporary agreement between a borrower and the lender (usually a bank or financial institution). This allows the borrower to temporarily defer or suspend their mortgage payments.
This action is taken in situations of extreme financial difficulty, such as a loss of employment or disease serious. Also due to other unforeseen circumstances that cause the borrower to be unable to meet their mortgage payment obligations.
However, this might not be enough, since the bank has to accept the client’s proposal. You have no obligation to do this, although you may want to work with your landlord to avoid defaults.
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Furthermore, the client can benefit from the code of good banking practices for this type of cases. But for this, the casa It must be the usual amount and the gross annual income must not exceed a certain amount: 25,200 euros for the so-called vulnerable families and 29,400 for the rest.
What if this possibility doesn’t work for me?
If the bank does not accept your proposal and you do not meet the requirements of the code of good banking practices, you must sell. The most common thing is to pay off the mortgage with the funds obtained from the sale. It is advisable to contact a real estate agent in advance to market the property as a property free of charges.
It is important to inform the real estate agent about the mortgage review deadlines. Imagine, for example, that the review is carried out in six months and the owner knows that he will not be able to pay the new fee. So, it is suggested to set a limit of two or three months to find a buyer.
Once a buyer is found, several weeks before formalizing the deed, the owner must contact his financial institution. The intention is to notify the intention to sell the living place and request a certificate of outstanding debt until the date scheduled for signing.
The buyer will then provide two checks on the day of signing: one going to the bank for the remaining mortgage balance and one going to the seller for the excess.
Next, the owner has to lift the load weighing on the living place in the Property Registry through a registration cancellation of the mortgage. It is advisable to start this process with an independent manager and a few weeks before signing.
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