Thursday, 31 July 2014

Losing your job and your mortgage

The unstable economic situation affects the health of many Polish companies. Those defending against bankruptcy date back often to radical methods, including exemptions. With the possibility of losing a job has to reckon today virtually everyone. The situation is complicated, however, have a mortgage. What do you do when you get a notice, and paying off your mortgage? Job loss is neither pleasant nor easy, especially if you have a loan, the high installment must be paid, and we are deprived of current receipts on account. In this case, you should not avoid the problem and rely only on the accumulated savings - these will sooner or later come to an end.

Immediately after receiving the notice should therefore take an active job search, but contact your bank, which gave us a mortgage. The best solution will be here to request a deferral - deferment of loan repayment. The idea of grace is simply a suspension of loan repayment, thereby extending the credit period the number of months in which the installment was not paid. The Bank, of course, also in this period shall charge interest on borrowed capital, but temporary lack of the need to repay the installments will allow us to maintain liquidity. The chance that the bank accede to our request is large, because he also depends on the repayment of our obligations.

In your application, describe so the whole situation, and if we've already found a new job, but the work will begin only after some time, we join a preliminary agreement with the new employer. Bank of knowing that we already have a new job, this approach should favorably consider our request. Remember, however, that despite the declaration of our commitment to continue to pay, the bank can give us a negative decision, ie it does not agree to defer payment of loan installments.

for provident

Another option to cope with the loss of jobs in the context of the mortgage payment, is the conclusion of appropriate insurance. But it is a solution for provident, from which we have yet to take before receiving notice. This solution has its supporters and detractors. The latter accuse him that unemployment insurance is quite expensive, and yet does not have to be useful. The costs of purchasing this type of insurance is actually a considerable and is usually from 1 to 3% of the loan in the first 2-3 years of funding. On the other hand, in the case of job loss, it guarantees the repayment of loan installments over the next 12 - 24 months, or until the exhaustion of insurance such as 50,000 . For unemployment insurance can join at any time repay the loan, but remember that it will have effect only when we get the status of the unemployed and job loss is the fault of the employer. It will not be so effective when we are freed from our guilt, they give up work, or we decide to terminate the employment contract by mutual agreement.

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