For some debtors a restructuring of housing credit is the option at hand, to free themselves from the awkward moment. Although a few years ago the Financial Good issues a circular to redefine the conditions of financial debt.
Before a restructuring, the debtor has the opportunity to recover his economic status and be able to stabilize it. When the ability to pay financial obligations has been affected for some reason. Whether personal or due to a slowdown in the economic cycle of the country, it is best to face the problem and find a solution.
Although the issuance of Law 546 of 1999 was created in order to help the debtor normalize the debt. Modifying the conditions to the mortgage credit according to the capacity of payment that the debtor has. Not always and in most cases, it is accepted, as there is a fear of being reported to the risk centers.
The Financial Good with the issuance of the external circular 026 of the year 2017, has given a break to financial consumers. More specifically, to debtors that financial obligations are in arrears. Analyzing that due to lack of payment capacity they cannot provide a solution, a redefinition of credit conditions has been facilitated.
This process is nothing more than an anticipation of the restructuring, since it does not affect the credit history of the debtor. Very different, if the client was previously reported to risk centers. There it will remain for the time due as determined by law.
Therefore, if the debtor of the mortgage loan breaches this new agreement. The debt will be classified as a restructured loan with its respective consequences for this event.
On the other hand, it is clarified that, to request the modification of these credit conditions, to the new modality. it will be taken into account that the obligation has not presented a delinquency followed during the last 90 days in the case of housing credit.
If the moment already defined, is to apply the restructuring of the mortgage loan, the following must be taken into account:
– Request in writing the restructuring between January and February of the year, because during this time the banks have the obligation to meet the requests.
– The debtor has to prove that he is able to meet payments
– The real estate that is delivered as collateral must not have embargoes.
– You cannot be in a bankruptcy process.
– The financial institution does not have to have initiated an executive process.
– The purpose of the restructuring is not to damage the credit conditions, on the contrary, it is to accommodate it to the debtor’s ability to pay.