With the arrival of the crisis, back in 2008, we began to familiarize ourselves with new concepts and words. One of those concepts is dation in payment, which we normally hear as a solution to foreclosure or eviction. Well, 7 years later, with thousands of attachments behind us and the certainty that there will be many more, the term dation in payment is still a proposal … available to everyone?
Why is dation in payment, not a reality?
- There is no law that requires banks to grant dation in payment. It is only a recommendation for entities that have voluntarily accepted the code of good banking practices.
- Even in the case of the entities adhering to the code and then obliged to grant the donation to families at risk of social exclusion, the criteria to be considered mandatory are very restrictive (they can not have guarantor, or work, or receive subsidy, or have no other good …), so that, in the end, the people who can take shelter are very few.
- The banks are not real estate companies and they are not really interested in keeping the house unless the client has been paying the mortgage for many years and they are making a profit with the operation since they have taken the money to pay for the house for 15 years. complete They only keep it when they are absolutely convinced that this is all they can get out of the mortgaged one. As long as there is a guarantee or a salary to be seized, the donation will be more difficult to obtain.
Dation in payment can be achieved, but it is not easy
The bank will only be obliged to grant us the dation in payment when:
- The dation in payment is included by contract, as in the case of the Mortgage Without More of Bankinter, which is the only one that currently offers this possibility.
- If the client has not been able to access a debt restructuring.
- If the entity adheres to the Code of Good Practices, and if the client also meets these 6 requirements:
- All members of the family must be unemployed and have no other property or economic rights.
- It must be the only property owned.
- Housing must not exceed € 200,000 (although it depends on the size of the population).
- The mortgage does not have to have a guarantor. In case of having it, the guarantor is the guarantor of the loan www.locksmith-delmarca.com/personal-loans-get-them-approved-today/, and if the guarantor has income or property, the decree does not apply.
- It must not be in the execution procedure.
- The housing cannot be taxed with subsequent charges.
If we do not comply with these conditions, it will always be possible to negotiate with the bank. If the two parties agree, there is nothing to prevent us from getting the dation.
Remember that those who need help negotiating can go to the Office of Mortgage Mediation of your city (see list) or the Platform of Affected by the Mortgage (PAH) closest to your home.
The law of second chance, one more step towards the dation in payment
At the beginning of 2015, the Second Chance Act was approved, a package of measures that contemplates the possibility of liquidating a mortgage debt through payment in kind but, once again, after fulfilling a series of requirements:
- Being a debtor in good faith, that is to say, that the insolvency is not voluntary, that the debtor does not have a final judgment for any crime.
- Being within the threshold of exclusion, that is to say, that the family income does not exceed three times the IPREM (Public Indicator of Income of Multiple Effects)
- That during previous years to the request of the dation in payment, the quota to pay for the mortgage is superior to 50% of the family income.
Of course, shortly after the publication of this law, the PAH made the following assessment: “All the measures adopted to date have been a stubborn failure for the citizens and a tremendous success for the Bank.
- The Royal Decree of “bad” practices consists of such restrictive criteria that only 0.7% of the population have been accepted and that conditions its applicability to the “goodwill” of the bank.
- The “false moratorium on evictions” to which only 8% of the 120,000 evictions produced in its validity have been able to stop.
- The ridiculous social housing fund: a fund of 6000 homes compared to more than 500,000 families on the street, added to the restrictive access criteria; the result is that in 2 years only 2000 rental contracts have been formalized.
- The ” Second Chance Act for banks “, to wipe out headlines and endorsements. Because the 2nd real and unique opportunity for families today is the PAH. “