The Banque de France in Paris (illustration image). - STEPHANE DE SAKUTIN / AFP

  • The coronavirus has slowed real estate activity.
  • Some buyers may end up with a loss of income, or face delays from their bank.
  • 20 Minutes answers the most common questions.

For millions of employees placed on partial unemployment, as for millions of self-employed people deprived of activity, the current period of confinement results in a loss, partial or total, of income. If the State has provided for measures - covering the cost of unemployment for businesses, flat-rate compensation for the self-employed - this is not always enough. "I am currently losing more than 400 euros due to partial unemployment and I am struggling to pay my mortgage," Brian said, for example, a few days ago.

To help you with your credit, 20 Minutes takes stock of your possibilities in such cases.

I lost all or part of my income due to the coronavirus crisis. Can I stop repaying my loan contracted to buy my house or apartment?

You should look carefully at your loan agreement and the corresponding borrower insurance. In any case, you must abide by the terms of these if you do not want to face prosecution.

First option: request the postponement of your monthly payments. This is normally possible if you have repaid your loan for more than a year, or even two years (and if this is stated in your contract). The postponement will suspend payments to the bank for a fixed period. You can opt for a partial deferral (you continue to pay interest) or total (you no longer pay anything). This relieves your cash flow for a few months. But beware, this also means that your credit will be longer (you will have to pay the deferred installments to the end) and more expensive (you will have to pay more interest). Depending on the case, the invoice can increase by several tens of thousands of euros.

Second option: request the "modulation" of the monthly payments. This device, often present in contracts, allows you to increase or decrease your monthly payments over a given period (often a year). According to the clauses, this temporary reduction can go up to 30%. Again, this will lead to an extension of your credit, but at a cost much lower than that of a total deferral of monthly payments. "If this clause is provided for in the contract, the bank cannot oppose it," recalls Philippe Taboret, deputy managing director of the broker CAFPI. You don't have to justify yourself, it's on simple request ”.

Finally, some buyers have taken out “job loss” insurance. Again, be careful: "In most contracts, this corresponds to an economic dismissal," recalls Gaëtan Dupin, a lawyer specializing in banking and insurance at UFC Que-Choisir. This therefore does not apply in the event that you end up on short-time working ”. Moreover, this insurance will never repay your entire loan (monthly payments are only taken care of for a few months) and it starts after a waiting period (a few months again).

I had a promise to sell to buy a home, but I have not yet had my loan with confinement. How to do ?

If you buy an apartment or a house with a loan, the promise to sell must include a "condition precedent". This is the time allowed to obtain the validation of this loan from the bank and the release of funds. But with coronavirus, processing times can get longer. To avoid any problem, you can ask for an extension of the suspensive clause, generally fixed at two months. "Above all, do not stay in denial and contact the seller to explain the problem, says Gaëtan Dupin. If it is best to have an amendment to the promise to sell, a simple written commitment may suffice to modify the deadlines. ”

“In view of the exceptional period, everyone - bankers, buyers, sellers - has an interest in being flexible, considers Philippe Taboret. Furthermore, after a complicated month in March, we are not dealing with an unreasonable extension of the deadlines for validating the loans. ”

I'm having trouble with the end of the month right now. Can I take out consumer credit to cover my expenses?

"This is not necessarily a good solution, warns Gaëtan Dupin. Consumer credit should, in theory, be used for a specific purpose (television, car). It is not meant to cover everyday expenses. Afterwards, we are today in an exceptional situation. In any case, a credit always involves a risk and can easily lead to the multiplication of credits which lead to over-indebtedness ”. So be attentive to your repayment capacity before you start.

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  • Home loan
  • Immovable
  • Economy
  • Mortgage
  • Consumption
  • Confinement
  • Coronavirus