Unpaid mortgage payments – What happens now and how long will I be placed at the door?
I contracted a home loan in 2001, unfortunately due to the loss of work I can no longer pay the installments from July 2017 (6 installments).
Now what will the bank do? What is the process? Some tell me that within 3 months I will have to leave the house and others tell me that before the bank will ask me all in one solution and if I did not pay within a year the house would be auctioned and I would have at least 5 years before being evicted .
At the seventh unpaid installment the bank can (must not) terminate the contract and may (must not) send to the debtor the notorious notice of termination of the Benefit of the Term, contract clause on the basis of which the borrower, to get back into good standing loses the benefit of the installment and must pay the remaining capital in a single solution.
Giving the time (3 months, one year or five) for the duration of the subsequent expropriation procedure would be a bit like giving the numbers to the lot, since each situation constitutes a separate case and the most disparate elements come into play: the company policy adopted by the bank against defaulting borrowers, the orientation dictated by the president of the court appealed and / or territorially competent, the merchantability of the asset by expropriating with the possible auction sales that are deserted, the legal loopholes and defects of procedure that can be pleaded by the attorney who assists the debtor submitted to executive action.
Not surprisingly, in 2016 the banks managed to obtain, thanks to Matteo Renzi, the transposition into our march order: in substance, in the new mortgage loan contracts it is possible to establish that after the 18th unpaid installment, the bank becomes the owner of the mortgaged property and can sell it directly, without going through the courtrooms. If the proceeds from the sale are greater than the residual credit, the surplus is due to the debtor. If, however, the bank obtains less than the claimed credit, the debt expires anyway.