With the number of citizens who have difficulty paying their mortgage payments , it is essential to give a series of tips to renegotiate your mortgage with the bank.
As experts in banking law and specialized lawyers we want you to know your rights in these types of situations.
When we see ourselves with water around our neck, it is best to communicate regularly with the bank. In this way, with a bit of luck we could access some of the solutions rarely offered by financial institutions. On the other hand, at present the banks do not have much interest in adding another floor to their portfolio.
The entities’ strategy to get rid of toxic assets in their balance sheets can make things easier. Therefore, expectations for a friendly solution are increasingly positive for customers.
How do I start negotiating my mortgage?
The first thing we advise you as experts in banking lawsuits is to go to the office. Communicate your situation and explain that your economic capacity will change. A situation of prolonged unemployment or changes in the family environment. A reduction in income that puts your ability to pay your mortgage on alert is nothing new for the bank. Thousands of Spaniards are in the same situation and probably the bank already knows your case before going to the office. Financial institutions have increased controls over active mortgages. Try talking to your trust manager or hire a professional to represent you to assess the alternatives.
3 signs that your bank uses to measure your ability to pay
- The owner of the account starts receiving money from the INEM.
- The name of the owner appears on the list of defaulters.
- The debt of the owner in the CIRBE increases.
What can I negotiate with my bank?
- Reduce the fee by lengthening the term of your mortgage.
- Adapt the mortgage to the new economic capacity of the affected.
- Request a grace period, that is, only pay the interest on the mortgage contract.
- Moratorium on payment, as in the case of Santander .
Now that you have a few brushstrokes on how to change your reality. Find out about the hand of professionals and act. In future articles we will continue to inform you about other situations such as obtaining a withdrawal or payment.