As an urgent economic matter, President Rafael Correa presented the new Law for the Regulation of Housing Credits to the main assembly.
In the project it is considered an abuse that, in case of default, financial institutions can collect the debt through the ownership of personal property, in addition to the mortgaged property.
Key points of the new draft Law of Mortgages:
– It applies to those who have mortgage debt to purchase the unique family home.
– The credit should not exceed 500 unified basic wages ($ 146,000).
– Mutual contracts (credit agreement) may not have to subscribe or guarantee bonds of solidarity (several people committed to pay a debt).
– Promissory notes or other documents in support of autonomous obligation debt will not be suscribed.
– The mortgage must ensure the contracted obligations for the housing adquisition. They may not be presented as “open” (request more credit with the same support).
– Debtor’s personal assets may not be pursued so Article 2327 of the Civil Code and the 105 of the General Law on Financial Institutions, which force to pay the debt with other goods, do not apply now.
– The limit of the debtor’s liability in case of delay period, will be to the maximum amount of property valuation. (ARL)