The unemployment rate is 2.8% for men and 2.9% for women, according to INEGI.
The mortgage unemployment insurance covers a period of six months with the possibility of being extended.
Getting a mortgage loan in our country can be complicated due to the required qualifications. However, for some, maintaining it is even more difficult. Evidence of this is that at the end of 2023, the delinquency rate was 2.74%, according to the Mexican Banking Association (ABM). This default is due to various factors, the main one being the inability to continue making payments, a common situation among informal workers or those who have lost their jobs.
It is important to highlight that, according to the National Institute of Statistics and Geography (INEGI), by January of this year, there were 1.7 million unemployed people, with an unemployment rate of 2.8% for men and 2.9% for women. Situations like these can lead to the loss of financing and the foreclosure of the property, especially if you’re not prepared for such eventualities. Therefore, here are some tips to help you keep your mortgage in case you lose your job.
• Contact the financial institution: The first step is to get in touch with the bank or institution providing the financing to avoid penalties for missed payments. By notifying them immediately, you can also receive advice and a deferral of up to six months. However, to access this, you need to stay up to date with your payments until that point, so don’t delay.
• Adjust your expenses: When you lose your main source of income, it’s crucial to adjust your daily expenses, especially if you have outstanding debts. You can pause some non-essential expenses, such as streaming services, dining out, or small impulse purchases, at least while you work on your situation. This will help you manage your finances and prevent increasing your outstanding bills. Remember to avoid taking on new loans.
• Apply for unemployment assistance: Most financial institutions that offer home loans have an unemployment insurance policy, where you only need to cover 10% of your monthly payment for up to a year. Additionally, after six months, you can apply for an extension. There are also government or other institutional financial aids available if you’re laid off.
• Look for ways to generate income: As obvious as it may seem, the best recommendation is to look for work. While it’s not always easy to land a formal position immediately, self-employment and the informal sector are useful alternatives to generate income while you search for a job. In fact, many people pursue both options simultaneously to have a backup in case of unexpected events.
• Consider refinancing: One option is to apply for refinancing with your lender. This process involves obtaining a new mortgage to pay off the old one and readjust the payments. This option is pursued because the new loan offers lower interest rates, so the monthly payment decreases, making it easier to maintain in the long term.
These are some tips to help you keep your mortgage if you are unemployed. However, prevention is always the best approach, so remember to save enough to cover two or three months of payments and have time to find solutions. It’s also important to consult with an expert to assess your current and long-term payment capacity and prevent similar situations that might leave you in a better position without complications.
Guía rápida para Comprar Inmuebles en CDMX
Coldwell Banker México: coldwellbanker.com.mx
https://www.condusef.gob.mx/?p=contenido&idc=929&idcat=1
https://infonavitfacil.mx/category/solucion-a-tus-deudas/perdi-mi-empleo
https://idconline.mx/finanzas/2022/12/27/que-hacer-con-la-hipoteca-si-pierdes-el-empleo
https://www.inegi.org.mx/contenidos/saladeprensa/boletines/2024/IOE/IOE2024_02.pdf
