It is not always easy to be able to honor the installments of the loan and it may happen to be in trouble .. what do you risk not paying the installment of your mortgage ?
First of all, it is good to stress that the ideal thing is to always pay on time, respecting your deadlines, the mortgage payment.
In fact, many do not know that in April 2016 the government has fielded a new law that provides special provisions, for those who can not pay in time their mortgage and the unpaid installment. In fact, when there is a failure to pay the mortgage payment , or when there is a late payment, there are different consequences due to this new law enacted by the Renzi government .
First of all as regards the non-payment in reality the expropriation of the house is not a very easy thing as there must be at least 18 unpaid installments to incur an expropriation of your home.
On the other hand, what you are sure to pay is interest and arrears. First of all, you should never forget that failure to pay, as well as delay, will certainly result in a series of damages that you must try to contain.
In case of late payment of the installment of your mortgage you will start to have problems with the bank, which will want to know what is the reason for the delay. Maybe you could ask for a delay but otherwise you will be charged with default interest. If you have communicated to your bank the delay and its motivation, it will not be reported to Crif , which would be the manager of the Italian credit information system, which is called Eurisc .
The archive that speaks of bad payers could become your nightmare, as a failure to notify the bank even if a simple delay, could even risk losing the loan and have the suspension of the loan with a renegotiation of the plan.
In case of non-payment of the mortgage payment , instead, the interest on arrears will be calculated using a standard formula. In fact, the days of delay for the installment will be calculated and with a specific rate of default and then there will be an increase ranging from 1% to 4% of the interest for all unpaid installments. In short, the increase is not insignificant.
However, if your bank were to apply even higher interest rates , you could report the incident to the branches that deal with bank overdrafts . In the case of non-payment, the notification to the Crif does not start immediately, but usually it is done before a communication to the user.
According to the 2016 decree, the bank could decide to terminate the contract and then seize the property, but this will happen at least after 18 unpaid installments and not before. It is very important, therefore, to try to honor the installments of your mortgage so as not to find yourself with further interest and late payment. Clearly everything is also linked to the type of contract you have with your bank, but what has been guaranteed by the Bank of Italy, which has tried to make an intervention to meet the families in need, is that the property will not be more foreclosed before the 18 unpaid installments.