Surely many people have a problem of stress and lack of oxygen when our mortgage payment arrives.
Many people have gotten into debt with a lower capacity to pay than the debt they incurred. What seemed like an easy fee a few years ago today is a tough slab for most pockets.
This can become a trickle that little by little can make our mortgage fall, so the problem can become huge.
If you have a mortgage and are currently unable to pay in full because your financial resources have been depleted, you can make what is commonly called mortgage default.
What is a mortgage default?
A mortgage deficiency is an oxygen cylinder when you are ascending an eight thousand and you are left without air.
In economic matters it means that you have a period of time in which the payments that are made on a debt are reduced only in the settlement of interest, leaving the capital for later.
This, explained in a simpler way, is summarized in that if € 1000 is paid in bills and € 250 are interest, the letter that we will have to pay in the grace period would be approximately € 250.
How long can I have a mortgage deficiency?
In this life, good things usually do not last long. A grace period normally has a term between one and two years, so at the end of this period we will find ourselves with the harsh reality.
What happens at the end of the gap?
What happens is that we will return to our updated quota and we will have pending capital what we have deferred due to grace.
A grace period is intended to postpone a situation of difficulty in payment . In this sense, the objective is to be able to resolve that situation or otherwise free ourselves from the property or property.
It must be remembered that the negotiation of a deficiency with the bank has some notary fees since this deficiency is signed by deed before a notary, you also have to have all the fees up to date.
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