If you lose your job, it is important to know how the Institute works to stop covering your monthly payments.
One of the benefits most sought after by those who make up the labor force in Mexico is to acquire a house through a social interest housing loan.
And it can be purchased through the Institute of National Housing Fund for Workers (Infonavit), benefits to which workers registered with the Mexican Social Security Institute (IMSS) are entitled.
As indicated, the purpose of Infonavit for the worker to access financing so that he can acquire his family assets.
Once the credit is requested and approved, the following is the permanence of the worker so that he can pay for his house; However, if you stop working and, as a result, stop paying your monthly house payments, which can be deductions through payroll or direct deposits to the institute, problems begin.
CAN INFONAVIT TAKE MY HOUSE FROM ME IF I DON’T PAY?
The most complicated scenario for the borrower is the loss of their job, because they are afraid of losing the assets they have worked for for years; However, the problem can be solved if you find another job so you can continue to pay.
However, once you are left without a formal job and stop paying, there is a fatal deadline for the withdrawal of the house to continue: four years without payment, because in addition to the fall of free of charge interests are also generated.
So things and in this scenario, the Infonavit empowered to recover property; However, this is not an immediate matter, but a legal process must be carried out until the house is repossessed, if an agreement is not reached with the borrower.
WHAT DOES THE INSTITUTE DO TO RECOVER THE HOUSE?
The process for the recovery of a house, whose owner’s account has fallen free of charge HE Infonavit initiating a legal process, where a decision is issued in your favor and the judge tells you that you must pay; otherwise, it will charge the house.
And that’s not all, because the auction process is also started to settle the debts and, if you don’t sell them, you keep them as payment.
WHAT HAPPENS TO MY CREDIT?
Now, when the whole process is done, when you check your account statement Infonavit and it appears in zeros, it means that they have closed your credit; However, if you think the process has been violated, you can start another legal battle.
Now, if you want to know if your house has been awarded (delivered to another borrower), you have to go to the offices of Infonavit to inform you of the status of your credit.
If they tell you that your assets have been issued, ask for the file number or judgments.
This means that once your credit has been awarded, it is cancelled, so you are no longer in the Institute’s system; In other words, you don’t have current credit and they won’t take anything; However, you lose your right to the house, and if you have not reached an agreement before the judge, he will order your eviction and then yes: outside the street.
