As announced by the National Institute of Statistics and Geography (INEGI) a few weeks ago, more than a million businesses closed after the crisis economic derived from Covid-19.
Due to the above, many borrowers from the Institute of the National Housing Fund for Workers (Infonavit) have had difficulties to cover the payment of their financing.
However, it is important to know that the agency has a collection model with solutions for workers who cannot pay their mortgage, depending on your situation and needs.
Then, We present you 5 aspects to evaluate if you have a social or economic mortgage, as well as some solutions for its settlement.
1.- Loss of employment. If your company disappeared as a result of the pandemic, you should know that Infonavit offers the option of applying the Payment Protection Fund, which helps you cover up to six monthly payments as you recover a job.
This scheme is made up of a percentage of the monthly payment that you pay for the credit. Namely, With each contribution, an amount equivalent to 2% is destined to make up the Fund and to be covered in the event of losing one’s job.
It is not the only option. In the event of being unemployed, the Institute also contemplates the alternative of requesting a partial or total extension. In the partial, the possibility is offered for the worker to make a minimum payment of 900 pesos to keep up to date; otherwise, more interest for the period will accrue.
Faced with unemployment, Infonavit enabled a plan that it called “Flexipago”, with which it seeks to provide alternatives.
2.- Reduction of income. If the monthly income of the workers suffered reductions, Infonavit proposes various options.
For example, if the company where you work is in technical unemployment, and the loan is current and without current restructuring, Infonavit may grant a support with which monthly payments will be reduced by 25% for 12 months.
On the other hand, Infonavit contemplates the Customized Solution model. Similar to the previous point, through this alternative, the organism offers the possibility to restructure the payment of the credit during the next 12 months, which establishes the monthly amount to be covered according to the debt and payment capacity.
In this sense, The Institution contemplates a support scheme if the holder of the loan or a family member are affected by a chronic-degenerative disease; are elderly or have no fixed income. In this regard, Infonavit offers the option of preparing a socio-economic study, with which a new monthly payment could be defined.
If income is reduced, the recommendation is to approach Infonavit through the social collection scheme, since the Institute weighs the willingness to pay and opens the possibility of reaching new schemes to keep the mortgage in force.
3.- Overdue payments. In the event that the economic situation has worsened, and the worker has stopped paying his credit, two solutions can be accessed:
- The scheme named “Eraser and New Account.” With this model, if the worker has accumulated missed payments, but does not require a restructuring or special support from Infonavit, this option allows the monthly payments due to be added to the credit balance.
- Mediation. With this option, the support of a neutral and impartial mediator is requested to find the best solution for the payment of the credit, and, in this way, prevent legal proceedings from being initiated.
4.- Disability or death. Many people during the crisis have lost their lives. In the event that a credit holder has died, or if he or a close relative has a disability, Infonavit offers the following support:
- Permanent total disability insurance. If the worker has a permanent total disability that prevents him from performing any job, You can apply for debt forgiveness.
- Permanent partial disability insurance. In case of having a permanent partial disability of 50% or more, Infonavit provides an extension of up to 2 years, a period in which the borrower will not have to pay or interest will be generated.
- Death insurance. On the other hand, if the holder of a loan dies, Infonavit will provide insurance so that its beneficiaries request the release of the debt.
5.- Evaluate the alternatives
Mario Noyola and Miguel Berrones, co-founders of the Mexican startup We buy your house recommend that families who are in complex economic situations, and who have a current mortgage loan, evaluate the various alternatives.
The specialists pointed out that in complex moments, not all the doors are closed. In particular, they commented, in cases such as Infonavit, there are alternatives that allow a viable outlet for families.
Specifically, Noyola recalled that in case of not finding an alternative with the Infonavit Social Collection, there is the possibility of selling the house. In that case, he said, the startup helps people be able to sell their homes if they can no longer afford them, even with the current credit.
“In complex moments, they are more vulnerable to falling into the hands of coyotes who offer supposed solutions, but who in reality only put their heritage at risk. We offer a legal, transparent and fast exit, so that those who simply can no longer with the financial commitment, to sell the house and get rid of the responsibility of paying month after month, “he added.
On the other hand, Miguel Berrones, emphasized the issue of scammers. He recalled that regarding the procedures and procedures of Infonavit, there are many characters (even that are advertised on social networks) who seek to profit and do not solve the problem.
In that sense, he pointed out that a similar case can occur in people who can no longer continue to pay for their housing. And, he pointed out, many of the workers who are involved in this type of problem think of transferring their home as an alternative to the problem they are experiencing.
However, he said, “the transfer is not a legally recognized figure, so instead of solving the problem, it could make it worse. It is not a viable option. First of all, the transfer is not a legally recognized figure. With this, by not having a substantive legal basis, when accessing this type of practices, the patrimony is put at risk as it is prone to fraud ”.
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