What happens if I don’t pay my mortgage? A question that many citizens have worried about, after a long discussion on the possibility of foreclosure of the house, in the event of excessive delays in the payment of the installments. But we need to be very clear on this topic, to be well informed about the risks we are taking and to avoid becoming bad payers. For example, there are mortgage rules that help those in financial difficulty.
The effect of the delay in the payment of a single installment can be mitigated
If for example one realizes that on the current account on which the installment amounts are debited there is not a sufficient sum to cover the payment, it is good to promptly notify the bank , preferably by going in person to the branch where the loan was signed. In this way it will perhaps be possible to avoid one of the two consequences of failure to pay: the report as a bad payer to the CRIF. The other, default interest, cannot be avoided. Let’s see what happens when you can’t pay the home loan.
If I can’t pay the mortgage on the house, one of the consequences I could face is reporting to the CRIF , which maintains a register in which bad payers are reported. Being considered bad payers will have consequences not so much on the mortgage that has already been signed, as for future financing that could be used. In fact, whoever is reported in this way encounters greater difficulties in accessing credit, because the banks will trust less to provide a loan to someone with a difficult credit history.
The most direct consequence will be the request for payment of default interest
The calculation of these interests requires that they increase as the payment delay and the amount of the installment to be paid increase. Therefore, if the payment of an installment must be delayed with respect to the date established by the amortization plan, it is advisable to make the late payment as quickly as possible, so that the default interest does not increase too much.
However, if the borrower finds himself in a difficult economic situation for having lost his job and for this reason is unable to pay the mortgage payments on the house, the current legislation provides for the possibility of suspending the loan. With this operation, payments are suspended for a certain period thanks to the intervention of a public Solidarity Fund (suspension up to 18 months for mortgages not exceeding 250,000 euros). For those who lose their jobs an alternative suspension is also available, for cases in which the Fund does not intervene, up to 12 months.