During the repayment of a mortgage, a borrower has the possibility to suspend repayments to face a particular period (loss of employment, lower income, accidents of life), here are the terms of the loan suspension real estate and the direct consequences.
Temporarily suspend the repayment of a mortgage
Housing loans are repayable over long periods, usually more than 20 years for most French people. It is not possible to predict the events that can occur during the repayment of a mortgage and in case of accident of life, it is possible to suspend the repayment of the debt during a well-defined period.
The suspension of mortgage loans simply makes it possible to postpone the repayment of the monthly payments due in order to face the blow, it can be a loss of employment, an unforeseen expenditure or a temporary fall in income. . The idea is simply to accompany the borrower in this transition and allow him to resume a few months after the repayment of his debts.
How do we know if we can postpone deadlines?
All credit agreements do not provide for these clauses to postpone the maturity of mortgage loans, only a handful of bank offers this solution to its customers. However, having taken out a loan at one of these banks does not guarantee that you can suspend the repayment of your loan, a clause must be present first of all in the contract stipulating the possibility of suspending the repayment and presenting the terms and conditions. .
It should be known that the postponement of deadlines can be partial or total. Either the borrower chooses the partial deferral of the repayment of the principal and he will still have to continue to repay the interest and the insurance, either he chooses the total postponement and the suspension of the repayment will be total during the definite period. As a general rule, a mortgage suspension can last 12 months.
How to put in place the suspension of the mortgage?
The first and not least step is first to check for the presence of a maturity deferral clause in the mortgage agreement. Then simply contact the commercial adviser of the bank who can check the situation of the borrower and inform him of the need or not to activate this clause. The advisor will propose an amendment to the contract specifying the terms of the deferral of maturities, a new depreciation schedule will be communicated to the borrower with the extension of the term.
For borrowers who do not have a clause in their contract, it is necessary to contact the bank advisor and ask him the possibility to postpone the repayment of the credit, some banks can accept this request, others refuse it. In case of refusal, there is the possibility of the repurchase of loans, an operation to redeem the mortgage to reduce the monthly payment, this operation is however not accessible to unemployed people.