Loan And Mortgage Information

Rate of Suspension and Solidarity Fund

by admin on 03/11/08 at 5:24 am

With the entry into force of the decree implementing Tremonti Bond on the suspension of payment of installments of the loan for the workers in layoffs or property of the unemployment benefits, legislation designed to alleviate the suffering of many Italian families, many users complain survey conducted by Mutui24, forum de “IlSole24Ore”, the speed of attained failure of this decree.

In fact to complete the process leading to the adoption of the facilities will be necessary of the time: Technically the decree merely speak of “economic assistance to encourage households in difficulty on loans to purchase the house principal ‘in return request to banks for underwriting the bond. It is reported in which the Ministry of Finance has followed the signing of the decree which calls for banks to make available “for workers in layoffs or property of unemployment benefits, suspend the payment of the installment loan for at least 12 months’.

Credit institutions interested in issues of bonds will have to first obtain from the Ministry a protocol giving the users and providing access to facilities, which will surely by the time. Not only that, there is also considered that the actions planned by the DL will not affect all borrowers, but only those who signed the banking products that actually access the bond Tremonti (including Intesa Sanpaolo, UniCredit, Monte Paschi Bank and People).

Many banking groups have developed programs in recent months specifically dedicated to customer problems with the payment of installments, among them the same UniCredit (with the ‘Together in 2009) and Mps, and have launched products that provide suspension of payment in certain periods or the occurrence of specific events such as loss of job.

A solution that addresses many situations regardless of whether the bank has requested the Bond Tremonti or not, is that of the “Solidarity Fund” for the benefit of loans for buying a first home that provides for the suspension of rates up to 18 months for who can demonstrate that it is unable to meet payments.

Good news to date is that the time to activate this facility could be ripe, since the decree was set by anti MARCH end (60 days from the date of conversion, which occurred January 28) the term up for ‘adoption of the Rules of the Fund from the Ministry of Finance.