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Join two mortgages is it possible? Yes, and can bring considerable benefits, especially for those who have difficulty meeting two or more loans, with appropriate deadlines and too long deadlines. There are basically two ways to combine two mortgages: the first is the practice of debt consolidation. The second is required by law and corresponds to the name of Crisis settlement procedure. Let us therefore evaluate in detail the two solutions mentioned above.
Combine two mortgages: how to proceed by debt consolidation
We opted for a mortgage for the purchase of the first house. Then, after a few years, while the first mortgage was still in progress, we lit another. To renovate or for any other type of expense. The second mortgage can be opened in the same bank as the first one or in another institution, whatever. What matters is that with two mortgages activated at a given time, we realize that we can no longer deal with the different deadlines. And not even the amounts provided by the two monthly payments. In short, we are arguing about a solution and this may correspond to theunion of two mortgages.
How to do it? Through the Institute of debt consolidation, a practice that essentially involves badociating two or more mortgages by grouping them together one loan. The latter can be requested from the same bank or another bank. In the second case, the new bank will repay the loan to the former and provide its client with a single mortgage, a monthly payment of a lower amount compared to those provided by the previous installments, and especially with a deadline keep in mind. The benefits are therefore also from an economic point of view, because the monthly payment will be lower than the total we paid before.
The inconvenients? There are some, but their taking into account depends on the particular situation of the person who worked for the consolidation of the debt. Unfavorable conditions are actually in aextension of mortgage durations (It will take more months for the debt to be extinguished) and higher interests. But if the initial situation might become compromising, these are only minor inconveniences.
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Combine two mortgages: the crisis settlement procedure
The second system that allows the union of two mortgages corresponds to the name of crisis composition procedure and is legislated by the DL 212/2011. This system is implemented when the debtor is in a situation of indebtedness, which prevents it from regularizing its debt vis-à-vis creditors, since its badets are less than its total debt.
As stated in the decree "the debtor in a situation of over-indebtedness can propose to the creditors, with the help of the organisms that compose the crisis […] an agreement debt restructuring on the basis of a plan that ensures the regular payment of creditors not related to the contract, including the full payment of the preferred creditors to whom they have not even partially waived. "The plan sets out the terms of payment of creditors, the guarantees issued for the settlement of debts and the procedures for the eventual liquidation of badets.
This draft agreement may be accepted if the debtor is not subject to the insolvency proceedings in progress and has not already resorted to the procedure for the settlement of the debt distress crisis. three previous years. In addition, the proposed agreement provides for the restructuring of debts and thus the ultimate satisfaction of creditors, regardless of the form and method used, including the transfer of future credits. Finally, the agreement must be filed with the debtor's court and the creditors must be informed by a decree of the judge. Creditors will always have the right to accept or reject the proposed agreement; however, they remain unchanged. Forced execution procedures suspended for a maximum period of 6 months.
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