Law No. 21,299 was published in the Official Gazette, which “Allows the postponement of mortgage loan installments and creates the state guarantee to guarantee deferred installments.”
The Law establishes that debtors can request a “deferral loan” in order to pay the installments of their mortgage loans, allowing said debtors not to have to pay the mortgage installments during the current period of financial crisis.
The “deferral credits” will correspond to mutual money contracts, granted by a creditor to the debtor of a mortgage loan, and can be granted only by banks, credit unions, administrators of endorsable mortgage loans and insurance companies. The credit will be contracted by public deed and may be executed by mandate conferred through physical or digital means, without the need for an advanced electronic signature. Its exclusive purpose is the payment of certain installments of a current mortgage loan with the same creditor. This credit is not subject to the payment of stamp and stamp tax.
Once the “deferral credit” contract has been executed, and within a period of ten banking business days, counted from said celebration, the creditor must pay the mortgage loan installments specified in the mandate and the deferral contract with the funds of this latest. At the time of payment of the aforementioned installments, the mortgage that guarantees the mortgage loan whose installments were paid will also guarantee all the obligations of the deferral loan, for the benefit of the creditor. The mortgage loan whose installments have been paid will remain in force under the terms in which it was agreed, without prejudice to the payment of their respective installments.
In addition, the bill establishes that the “deferral credit” will be secured by a state guarantee granted by the Guarantee Fund for Small Entrepreneurs (FOGAPE), which will be valid for sixty months. Said guarantee may only ensure a maximum amount equivalent to six installments of the respective mortgage loan whose installments are paid with the corresponding “deferral loan.” Guaranteed mortgage loans may only correspond to those intended to finance the acquisition of real estate whose commercial appraisal, at the time of signing the mortgage loan agreement, does not exceed 10,000 development units.
A regulation of the Ministry of Finance will regulate the other characteristics, terms and conditions of the deferral credit, as well as the way FOGAPE works in relation to the aforementioned state guarantee.
This law will be in effect from its publication for a period of sixty-four months from the first award of the first tender carried out under this law.
See the full text of Law No. 21,299 and review here antecedents of its processing.