Moratoria Legal O Sectorial Diferencias
The statutory moratorium has the effect of suspending payments of principal and interest, thus extending the entire repayment period for the same duration of this suspension and maintaining the priority of the mortgage. This deadline was set at 3 months, but now Article 7 RDL 3/2021 stipulates that the new moratorium can be requested for a maximum period of nine months, from which the moratorium received may have to be deducted. The problem is that RDL 3/2021 does not change the previous RDL, which continues to talk about a 3-month moratorium. Does this mean that the new legal moratoriums are still 3 months, since the new regulation only talks about maximum? As far as I know, this is not the case and the new legal moratorium can be up to nine months. This is the result of the preamble, which speaks of the 9-month period for “any moratorium” and that otherwise it would make no sense to speak of a legal moratorium of up to nine months, since only 3 could be added to the 3 already reached. The same goes for the note issued by the government (here). It is also apparent from the wording that the duration of the statutory moratorium is no longer fixed, but depends on what the debtor requests, always within the maximum period of 9 months, in his case reduced by the duration of the moratorium that would have been reached previously. Therefore, those who have not received a moratorium can request a maximum of 9 months and the others up to 6 months. The term is calculated for each loan, that is, if I have several loans to which I can apply the moratoriums, I can have a maximum moratorium of nine months in each of them. The application must be submitted with the documents referred to in Article 17 RDL 11/2020 (more details here). The fact that no default interest can be claimed for these instalments before the statutory moratorium raises the question whether they may have other effects, such as their claim or even their calculation for the early maturity of the loan. Although the question is not clear, I believe that the opposite solution can be inferred from Parliament`s intent, that is, they cannot be sought in court in isolation, nor can they be calculated for the purposes of the early maturity of the mortgage. Although this effect may need to be limited to allowances due after the declaration of the state of alert (in this regard, it should be noted that Royal Legislative Decree 6/2020 amends Article 1, Section 1, of Law 1/2013, of 14 May, as follows: `1.
Eleven years have elapsed since the entry into force of this Law, The initiation shall not take place when the creditor or any other natural or legal person has been granted the habitual residence of persons in cases of particular vulnerability and in the economic circumstances provided for in this Article in the context of judicial or extrajudicial enforcement proceedings. This suspension of vulnerable debtors will apply until May 2024. In addition, the subjective scope of the law has been amended and extended to the decision in favour of the creditor or another natural or legal person. If the objective and subjective requirements are met, the creditor must provide the debtor with the proposed standstill agreement and the simplified disclosure document containing the legal and economic consequences of the moratorium. Subsequently, both parties will sign the moratorium agreement themselves, which is a private document signed manually or electronically. Conventional or sectoral moratoriums. Legal moratoriums ignore many middle-income families who are also experiencing severe payment difficulties due to COVID. For this reason, and also within the framework of an EBA directive, banking associations have adopted sectoral agreements (here here) for their application to loans and mortgages to owner-occupied dwellings or to real estate used for the economic activity of the self-employed and to loans. The debtor must be a natural person, have never breached their obligations and experience economic hardship due to COVID, without setting other vulnerability requirements.
It also applies to debtors who are entitled to a statutory moratorium after the expiry of the statutory moratorium if they have requested it during the term of the inter-trade agreement. Although compliance with the agreement is voluntary, almost all financial institutions have adhered to it (see Bank of Spain website). It must now be requested with the required documents by each company by March 30, and the bank must respond within thirty days. The fundamental difference of the sectoral moratorium is that it only assumes a deficit in the disbursement of principal, without suspension of the provision and payment of interest, but the duration could be up to 12 months for mortgages and 6 months for personal loans. Such shortfall may, at the option of the debtor, lead to an extension of the term of the loan by the period during which the capital maturities were suspended, maintaining the original maturity by distributing this capital among the remaining tranches. RDL 19/2020 of 26 May established for these conventional moratoriums the exemption from AJD, tariff reductions and facilities for their formalization, but conditioned these benefits on the fact that the interest rate or new expenses were not changed, and that new combined products or guarantees were not required (with some exceptions). The purpose of this paper is to show the scope of the various moratoriums on mortgages©provided for by law. On 16 April, banks approved voluntary sectoral commitments through the AEB and ECSC associations, which offer the possibility of an additional government moratorium to mitigate the negative consequences of the pandemic in line with guidance issued by the European Banking Authority (EBA).