If your debts are very high and you don’t get enough income to pay for your house, you can pay the terms.
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The COVID-19 crisis in Mexico has affected families economically, a situation that worries many, especially those who pay for their homes. For this reason, Juan Kasuga, director of Creditaria in Mexico, the country’s largest mortgage broker, recommends several alternatives to continue paying the mortgage and avoiding a risk to our assets:
1. Use your unemployment insurance: Many mortgage loans include unemployment insurance that can be taken out by the borrower if he or she loses his job and covers up to 9 monthly payments during the time he pays for his home. For this reason, it is important to contact the institution that granted you the loan and request it so that they can approve it at the moment and you have time to recover financially.
2. Request a restructuring: If your debts are very high and you don’t get enough income to pay for your house, you can apply for a loan restructuring to improve payment terms. With this measure, it is possible to reduce the monthly payment and increase the likelihood that the loan will be paid without a setback that endangers our home.
3. Request your Infonavit or FOVISSSTE scheme: Nowadays, these institutions have some support programs that use the balance of your housing sub-account as a guarantee that the balance will be paid out while you are receiving a job or income that can cover your monthly payment. Although the conditions for application to these systems are already set, you can use your financial institution to determine whether you are applying for this type of system, which is very useful in times of crisis.
4. Change your credit to another institution: If, after renegotiating the terms of your loan, you fail to achieve a plan that suits you, another alternative is to change your loan to a banking institution to improve the interest rate, term, and amount payable monthly, and therefore one to have better control over your finances.
Finding a mortgage broker or advisor is critical as it will help you understand the options available on the market and choose the option that best suits your needs and is the best in service. The service is free!