Introduction
On April 11, a program of support was published in the Federal Register (DOF) for Fovissste credit holders facing difficulties in liquidating their financing. The program offers various benefits, including discounts, reduced interest rates, and loan forgiveness.
Background on Fovissste
The Fondo de Vivienda del Issste (Fovissste) is a Mexican housing finance institution that provides credit for the acquisition of homes. It operates under the Mexican Social Security Institute (Issste) and has been instrumental in helping millions of Mexicans achieve homeownership.
Relevance and Impact
Approximately 400,000 Fovissste credit holders are experiencing challenges in paying their loans on time. This new support program aims to help these individuals liquidate their debts through measures such as freezing payments, discounts, reduced interest rates, and loan forgiveness.
Eligibility Criteria
The support program targets Fovissste credit holders who have encountered difficulties in meeting their payment obligations. Key eligibility criteria include:
- Having paid more than twice the original credit amount with a current outstanding balance exceeding 50% of the original loan.
- Having a credit balance below 10% of the total amount lent.
- Being over 60 years old and having paid more than twice the original loan amount or having an active loan for over 30 years.
- Holding a loan older than 20 years or having paid more than twice the original amount.
Automatic Liquidation Scheme
Fovissste has also introduced an automatic liquidation scheme for eligible credit holders. This scheme applies to:
- Individuals who have paid more than twice the original credit amount and have an outstanding balance greater than 50% of the original loan.
- Those with a credit balance below 10% of the total amount lent.
- Individuals over 60 who have paid more than twice the original loan amount or have an active loan for over 30 years.
- Credit holders with loans older than 20 years or having paid more than twice the original amount.
Upon qualifying for these benefits, Fovissste will inform the credit holders and provide them with a termination certificate and a zero-balance statement.
Accessing Support Measures
While most benefits are granted automatically, credit holders with questions or concerns can visit any Fovissste office or Vivienda department. It is crucial to keep personal information updated on the Fovissste official website or by calling their helpline (800-368-4783) to receive timely updates on loan-related information.
Key Questions and Answers
- Who is eligible for support measures? Fovissste credit holders facing difficulties in liquidating their loans due to financial constraints.
- What benefits are available? Discounts, reduced interest rates, and loan forgiveness.
- How do I know if I qualify for automatic liquidation? Check if you meet the eligibility criteria mentioned above.
- Where can I get more information or assistance? Visit any Fovissste office, update your details on the official website, or contact their helpline.
