Factors such as unemployment, payroll discounts or other causes can cause a person to no longer cover their payments

BY: MY POCKET JANUARY 6, 202013: 30HS Committing to buying a house through mortgage credit, whether with a bank, financial institution or through Infonavit is a great responsibility that will last several years of your life. Many people stay halfway and prefer to stop paying. Of course, this has consequences and here we will tell you what they are. According to the Association of Banks of Mexico, 25% of the population in the country has a mortgage loan, this is equivalent to 2.5 billion pesos. Only for various reasons, some people decide to stop paying it or cancel it permanently. Such is the case of those who lost their job, go through family emergencies, evaluate that the monthly discounts on their payroll are very high, consider that the property is not what they expected and even people who get frustrated to see that their debt is not reduced Despite the years. And even if you try to evade these payments with the institutions that acquired the mortgage, the debt does not cease to exist, therefore, the platform I Want House presents the panorama that should be contemplated in case of stopping to cover this commitment: The banking institution or agency begins to charge late interest. The percentage is indicated during the initial procedures of credit acquisition, the Association of Banks of Mexico estimates that the average interest rate is 10.4%. The debt is urged to renegotiate, in terms other than the initial ones. Here, it must be used to make adjustments that adapt to the new reality of the right holder. The institution seizes the property, in case of not having renegotiated the debt successfully and if no payment is reflected for six months. Once the house returns to the agency, it can auction it or put it on sale again. If the credit is with Infonavit and the right holder simply wants to give it up, he must notify the institution and request the cancellation “by Payment Dation”, otherwise, there will be a negative record in the credit history, impeding the granting of the interested party a new loan of any kind, including housing. On the other hand, the platform informs that, those who decide to cancel the debt, the following should be provided: In the first place, the house must be abandoned, because when it is returned to the institute it takes possession of it. Given this, it is necessary that before beginning with the procedures of debt dissolution, another place is planned to live with the family. As long as the value of the debt is less than the value of the property, there is a possibility that there will be a refund of money for the right holder, but the reimbursement of items such as monthly payments, down payment (if covered) should not be expected. , or housing fund or improvements that have been implemented in the property. This, for reasons of increasing the value of the property, Total Annual Cost (CAT) and commissions mainly; In fact, 99.9% of the time, nothing paid is recovered, according to Defense of the Debtor S.C. Under these terms, it is worth evaluating as a family whether it is convenient to stop paying the mortgage loan, as it may be less beneficial than one might think, mainly because equity would be dispensed with.