Legal tips 1.- How to reduce your mortgage instalments
Tuesday, November 4, 2008 @ 7:58 AM
Banks are not interested in houses and prefer them to be paid by their clients with its corresponding interests... that is just out of commun sense. Therefore before handing the keys back to the Bank you can pay a visit and see if they are open to renegotiate the conditions of the mortgage loan. A good negotiation will result for sure.
In april 2008 it has been passed a Decree by which mortgage time extensions are free of charge, therefore, by extending the timeframe of mortgage repayment you can have reduced monthly mortgage instalments.
Alo, it is interesting to know that there are new Insurance policies which cover mortgage payments during a certain period if the payer becomes unemployed. There are similar policies for other events such as incapacity or death.
By Maria L. de Castro
web@costaluzlawyers.es
www.costaluzlawyers.es