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The request for a moratorium on the payment of a mortgage for the acquisition of a habitual residence as a consequence of the COVID-19 crisis.

Posted on 24/3/2020

Summary of Articles 7 to 16 of 12 Royal Decree-Law 8/2020, of March 17, on extraordinary urgent measures to face the economic and social impact of COVID-19.
You can request the moratorium on a loan or credit guaranteed with a real estate mortgage for the acquisition of the habitual residence, if you suffer from extraordinary difficulties in your payment as a consequence of the coronavirus crisis. The guarantors and guarantors also benefit from the measure, as will be said.

WARNING: Requesting the moratorium without meeting the requirements may carry a sanction for an amount "never less than the amount that could have been obtained", and could even be considered a crime (according to art. 16).

The consideration of this special "economic vulnerability" would be to:

1. Employed workers whose earnings have been significantly affected by the crisis (reduction or even temporary suppression of wages) or have become unemployed (temporary or permanent).
2. Freelancers whose income or sales have decreased by 40%.
3. Family units whose income does not exceed certain limits, in the month prior to the request specified in the Royal Decree. Several assumptions are distinguished depending on the case: (the general; or with dependent children; or single parent; or over 65 years; or disability, dependency or illness that prevents you from working, etc.)
4. People to whom the mortgage payment plus the expenses and supplies of the house suppose more than 35% of their income.
5. People who, in an active, passive, direct or indirect way-of the COVID-19 have supposed demonstrable reduction of income.

The application must be accompanied with the following documents:

a) Employees: Certificate from the manager of unemployment benefits, showing the monthly amount received as unemployment benefits or subsidies.

O Self-employed workers: AEAT certificate or the competent body of the Autonomous Community, where appropriate, based on the declaration of cessation of activity declared by the interested party.
b) About number of people living in the house:
i. Family book or document confirming a domestic partnership.
ii. Certificate of registration of people registered in the home, with reference to the time of presentation of the supporting documents and to the previous six months.
iii. (if applicable) Declaration of disability, dependency or permanent incapacity to carry out a work activity.
c) Ownership of the assets:
i. Simple note indexes of the Land Registry of all members of the family unit.
ii. Deed of purchase and sale of the home and the home equity loan.
d) Responsible statement on compliance with the requirements, signed by the debtor.

The guarantors / guarantors of loans guaranteed with a mortgage will have the right to demand that all the possibilities of recovery against the principal debtor be exhausted first, even if they have renounced the benefit of excuse. If the principal debtor has accepted the moratorium, it will not be possible to proceed against him or the guarantor.
Term: The request may be made up to 15 days after the day of the repeal of the Royal Decree of Urgent Measures, and while it is in force at any time. The answer must be given within 15 days.
Effects: As long as the moratorium lasts, the bank will not demand the installments as long as the moratorium lasts, no ordinary interest, delay or commissions will be passed on, nor will they be included in the CIRBE for that loan. As can be seen, it supposes a more complete help than that granted by the vulnerability in the Code of Good Practice.

    Do not hesitate to contact this Office to formalize your Request for acceptance of the measures provided for in arts. 7 et seq. of Royal Decree-Law 8/2020, of March 17, on extraordinary urgent measures to face the economic and social impact of COVID-19 (published in the BOE of March 18, 2020) in front of the Customer Service Department of banking entity.
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