Moratorium first home mortgage

Moratorium first home mortgage

From April 27 to become operational the Solidarity Fund for loans first home of the Ministry of Economy and Finance, The Fund allows the suspension, up to 18 months of payment of the mortgage payment for the purchase of a principal . The Fund – refinanced by the Decree “Save Italy” with a further 20 million euro – will bear the costs relating to interest accrued on the outstanding debt during the period of suspension. In practice, the Fund will pay to the bank the interest rate applied to the loan with the exclusion of the element of “spread”. The Fund is operational by the end of 2010, has allowed so far, the suspension of approximately 6,000 mortgages. The suspension does not involve the application of any fees and expenses of investigation and occurs without request for additional guarantees and is also granted for the loans that have already benefited from other measures of suspension, provided that such measures do not result in an overall higher suspended depreciation to 18 months. The suspension may not be required for mortgages that have at least one of the following characteristics: 1. late in paying more than ninety consecutive days at the time of submission of the application by the borrower, or for which there has been the loss of the benefit of the term or termination of the contract, including through notification of the precept, or has been enforcement proceedings initiated by third parties on the property mortgaged; 2. use of public facilities; 3. insurance to cover the risk of experiencing the events above, provided that such insurance at least guarantees repayment of the installment payments to be suspended and to be effective in the same period of suspension. Who can apply The new criteria established by law and the Rules of the Fund provide that the suspension is granted for loans disbursed amount of not more than € 250,000 in amortization of at least one year, where the holder has an equivalent economic situation indicator (ISEE) is not greater than 30,000 Euros. The suspension of payment of the loan is subject to the satisfaction of at least one of the following events, relative to the single person of the borrower, that occurred after the signing of the loan agreement and occurred in the 3 years preceding the application for admission to benefit: 1. termination of employment, except for cases of consensual resolution, a resolution for the age limit with the right to a retirement pension or retirement, dismissal for cause or good reason, resignation of the employee except for just cause, with current state of unemployment; 2. termination of employment pursuant to art. 409, No. 3) of the Code of Civil Procedure, except for cases of consensual termination, withdrawal employer for cause, resignation of the employee except for just cause, with current state of unemployment; 3. recognition of death or severe disability, pursuant to art. 3, paragraph 3, of the Law of 5 February 1992, no. 104, or disability support not less than 80 percent. In cases of mutual joint account, the events can also refer to one of the borrowers.