8 Infonavit programs for workers who have a loan and lowered their income
Are you paying a mortgage loan, but your monthly income is reduced? Next, we share 8 Infonavit support programs that will prevent you from becoming a delinquent holder.
The Institute of the National Housing Fund for Workers (Infonavit), has presented a series of supports for workers since the COVID-19 pandemic began, which seek to protect the assets and economic stability of each of their beneficiaries.
Despite this, the health crisis has caused workers to enter a wage reduction scheme to keep their jobs, and there are even cases where they change jobs and obtain lower remuneration.
If you are facing either of the two previous situations, you have to know that there are Infonavit support programs for borrowers who have active credit and have a lower salary. Below we share 8 measures offered by the institute so that you avoid falling into default. Choose the best option!
What are Infonavit’s support programs during the new normal?
• Technical Stoppage due to COVID-19
• Tailor-made solution
• Payment Protection Fund
• Opinion of Ability to Pay
• Eraser and New Account
• Socio-economic study
• Mediation
• Support for pensioners and retirees
Technical Stoppage due to COVID-19
The first support for workers offered by Infonavit is the well-known ‘Technical strike due to COVID-19’, which is provided to companies that entered this modality due to the health crisis.
If the company where you work is in technical unemployment and you have financing that is up-to-date in all payments and without current restructuring, you can get support for up to 12 months to reduce your monthly payments to 25%.
This support applies to all mortgage loans generated in VSM , for borrowers who pay under the Ordinary Amortization Regime (ROA) and for those who have financing in fixed payment.
In order to benefit from this Infonavit support program , the company where you work must have the request or authorization for the temporary modification of working conditions agreement , which is authorized by the Conciliation and Arbitration Board. Subsequently, the department in charge will have to bring the document and attach the list of workers who will receive this benefit.
Tailor-made solution
This support for workers consists of a mortgage loan restructuring based on your debt and ability to pay. The program applies to beneficiaries who have financing in Times Minimum Salaries (VSM) and in pesos between 2014 and 2017.
From the above, an amount will be determined that you will pay during a period of 12 months. The great advantage of this program is that you can renew it as many times as you need it, as long as you continue to show a decrease in income. It is important that you also comply with the following:
• In case of having a new job, you must meet at least three bi-months of continuous contribution and your credit must have a minimum of two years.
• If you don’t have a job, your credit must be at least one year old.
To request the support, you will have to go to the Infonavit Service Center (Cesi), where the financing was granted and you must deliver the following:
• Social Security number (SSN) or credit number.
• Copy of an official identification.
• Proof of address.
Or if you prefer, contact Infonatel to request a visit from a certified collection advisor. The professional will offer you the solution that best suits your needs.
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Payment Protection Fund
It is a fund that is mainly made up of contributions from mortgage loans originated since January 2009, which are equivalent to 2% of the monthly payment and which are included in the payroll discount.
This Infonavit program benefits the beneficiaries who lost their jobs as long as the reason is not pension, retirement, disability or disability. This support covers the financing payment for up to 6 months. It can be used every 5 years as long as the borrowers do not have another type of agreement or extension from the institute.
Opinion of Ability to Pay
This support for workers is a temporary reduction in the payment of your mortgage loan, which is determined from your monthly income and your expenses. In this program, beneficiaries who have credits in VSM through an agreement can also participate.
To obtain this benefit, an Infonavit certified collection advisor will visit you at your home to carry out a survey to determine your ability to pay and confirm whether you are a candidate to receive this support.
Eraser and New Account
In case you have past due monthly payments on your mortgage loan, either due to job loss or inability to pay, this support for workers will help you to regularize the financing by adding the due monthly payments to the current balance of your financing.
In case of having a job for which at least 3 continuous payments were made via payroll, or if you do not have a job and made 6 continuous payments on your mortgage, this support will apply an automatic regularization as long as you do not have a current credit restructuring in the Institute. It is important that you wait for the notice that will arrive via postal mail at your address to confirm that you are eligible. If you do not agree to this program, you must call Infonatel and request its cancellation.
On the other hand, in case the aforementioned payments have not been made, you can sign an agreement. For this you will have to go to the collection area of the corresponding CESI and present your Social Security Number (SSN) or credit number, copy of an official identification and proof of address. Or if you prefer, you can contact Infonatel and request the visit of a certified collection advisor.
Socio-economic study
This infonavit program not only benefits you as a beneficiary but also your family, since if your income has been affected by a chronic degenerative disease, be it yours, your spouse or one of your children, You can access this support for workers .
To request it, you will have to go to the Infonavit Collection area corresponding to your entity or contact Infonatel by phone so that an advisor can tell you the steps to follow. Subsequently, a social worker will visit your home and determine your real ability to pay; And every year your financial situation will be reviewed to evaluate the renewal of support.
Mediation
Mediation is an Infonavit support program that consists of requesting the help of a neutral and impartial mediator to find the best solution for the payment of your financing and to prevent a judicial process from being initiated.
This process is carried out through a session in which an independent professional facilitates communication between the beneficiary and the institute to help him find the best solution to payment through an agreement.
Support for pensioners and retirees
Finally, there is support for the mortgage loans of retirees and pensioners who acquired their home before October 29, 1999. This program consists of Infonavit offering a new monthly payment amount according to your pension. That is, the replacement of the last salary recorded as the basis of payment of the beneficiary is offered, for the amount of his pension. It only applies for credits in VSM and is conditional on the monthly payment.
Do you already know which is the support for workers that benefits you the most? If you still have doubts, you can contact Infonavit from anywhere in the country at 800-008-3900 or if you live in Mexico City you just have to dial 55-9171-5050 and an advisor will be able to give you more detailed information.
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