Extension of time to enroll in the Mortgage Refinancing System
The Law No. 26,062 , ordered the suspension for a period of one hundred and twenty (120) days on all executions of judgments was entered order the closing of single family housing by eligible mutual met the requirements of the Mortgage Refinancing System and the cap amount as established by Articles 2 and 5 of Law No. 25,798. also reopens for the same period of eligibility for entering the Mortgage Refinancing System.
This Act, whose deadlines expire on March 3, 2006 , was regulated by Decree No. 52 of January 23 of that year.
regard, we can try to answer certain questions about the reopening of the registration period in the trust and discuss the requirements, always with the proviso that responses must be tailored to each particular case.
Who can exercise the option?
In the case of mutual (credits or loans), banks, financial institutions only lenders.
For mutual sector (commonly called "the notary") both creditors and debtors.
Who can benefit?
- those who meet all the requirements of the law and its regulations.
- who are creditors or debtors in a loan of money (mutual) secured by mortgages on single family housing of the debtor, ie, those with a loan secured by mortgages on single-occupied housing and family creditors.
- concerned individuals or undivided;
- that the fate of the claim has been the acquisition, improvement, expansion or construction of housing or cancellation of loans previously taken those destinations.
- that the failure has occurred between 1 January 2001 and 11 September 2003.
- that dwells enable the creditor to execute the debt.
- that the loan does not exceed $ 100,000, for which the law provides for parity one peso = one dollar.
How the Mortgage Refinancing System?
The system is complex, both in terms of understanding in its implementation. It is implemented through the Fund for Mortgage Refinancing, created for the purpose by Act No. 25,798. Not to enter Honduras, say that in this case the trust is a contract whereby the National Government provides funds owned Banco de la Nacion Argentina, so it's available for achieving the objectives of the Act
The assets of the trust (the funds made available) is provided by a trustee (or trustee ") that in this case is the National Bank.
To implement the system, the National Bank updates the mutual (determines the amount of capital in arrears) and proceeds to remove the creditor capital shares outstanding from the date of default until the date of such payment.
Now how do you pay the amounts determined?. We see two cases: a) financial institutions (banks, etc.) And b) private creditors.
In the case of banks and financial institutions will be paid 60% of capital bonds in default 30 months, with 2% annual interest on balances, payable in equal semiannual installments 5. The balance (40%) in ten-year bond at 5% interest on balances in 14 semiannual installments.
In the case of a private creditor would have the option to cash out or subscribe to your credit bonds mentioned above.
Thereafter, the Bank will proceed to the creditor nation, according to the original conditions of mutual and pay the remaining installments of the loan (loan balance) with a bond with the frequency and amount originally agreed upon, not including insurance and administrative costs. In this case, applies the rules to the update rate and interest rate.
With this, the National Bank is placed in the place of the creditor so paid and the creditor holds the mortgage on the yet uncollected.
In turn, the debtor will pay its obligation to the trustee (National Bank) at the branch bank or financial institution that has taken credit (if the debtor bank) or the National Bank branch in which processed the placement System (if private creditors or debtors).
How do the new terms and what are their requirements?
The option must be by a communication to the trustee (the National Bank) in the terms provided in Article 6 of Annex I of Decree No. 1284 dated December 18, 2003.
exercised Option shall be deemed provided if paid before March 3, 2006 and meets all requirements within ninety days of receipt of the notice referred to in the immediately preceding paragraph.
Once these steps, the trustee (National Bank) has sixty days to declare eligible mutual, in which case a summons requiring the debtor to sign the contract.
system and its requirements are complex and time is short. If you are covered by the extensions discussed, do not delay.
Please consult your lawyer you trust. Carlos Alberto Gemetro
Advocate Bar Association of the Federal Capital
Volume 9 Folio 875 Ciudad Autónoma de Buenos Aires Argentina Republic
Contact: drgemetro@speedy.com.ar
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