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The vagaries of life mean that, sometimes, a borrower is not able to meet the deadlines of his mortgage on time. How to do in this kind of situation? Here are different solutions to overcome the difficulties of repayment of his loan.

Suspension of monthly payments

The suspension of the monthly payments of a credit consists of a postponement of deadlines. Their number is however limited so as not to postpone the initial duration of the credit by more than two years.
To do this, the borrower can request his bank, in writing, having first been aware of the conditions of postponement as provided in his loan offer. He can also do the request for a deadline of thanks to the district court; if it succeeds, it then benefits from a suspension of repayments for a maximum of 24 months, without this entailing the payment of additional interest.

The modification of the amount of monthly payments

Always having taken care to verify his credit offer beforehand, the borrower can reduce the amount of his repayments with his bank. This is indeed an option where Monthly payments are flexible, both upwards and downwards. Again, however, the decrease in the amount of maturities should not extend the loan by more than two years.

DIT insurance and job loss

Loan insurance is another way of dealing with difficulties. Yes DIT insurance (Death, Invalidity and Work Stoppage) is mandatory, that relating to the loss of employment is optional. In addition, they contain many clauses and intervene for very specific situations in the matter of life hazards, for example, that insurance will not necessarily come into play even in case of long-term work stoppage.

The caution

The deposit is a guarantee that banks systematically ask for a mortgage. If it can be a natural person, a parent for example, the deposit is most often that of a specialized body such as Credit Housing.
The surety is thus the relay of the payment of the installments in case of default of the debtor. For the Crédit Logement guarantee, the guarantor will also accompany the borrower to find the best way out of his difficulties.

The loan buyback and the Sécuri-Pass

If the repurchase of credit is known and acclaimed by the borrowers to reduce the overall cost of their loan, they can also consider it in case of difficulties to meet their deadlines. In this situation, the borrower can renegotiate with another organization a credit with lower monthly payments, but at the longer duration, which will be felt on the larger total cost.
In addition, depending on his profile, the borrower may also request the granting of the Securi-Pass loan.

The over-indebtedness file

Finally, if the situation becomes extremely critical, with too much debt accumulation, the borrower must establish an over-indebtedness file.

Video Instruction: Calculate Monthly Payments For Mortgage or Annuity Part A