Strategies to Delay Mortgage Payments for 18 Months

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How to Postpone Your Mortgage Payments for 18 Months

The duration of a mortgage repayment plan is typically quite long, usually lasting more than 20 years.
Over this extended period, many unforeseen events can disrupt the borrower’s ability to pay their mortgage on time.

Such incidents may include job loss, which results in a significant drop in household income, or the unfortunate passing of the mortgage holder, impacting their income.
Additionally, being subjected to a reduction in working hours can lead to diminished pay.

In all these scenarios, maintaining consistent monthly mortgage payments becomes increasingly challenging.
A temporary break may be necessary to allow the family to regain financial stability.
This is where the Gasparrini Fund for mortgage suspension comes into play.

Is It Possible to Stop Paying Your Mortgage for 18 Months?

Yes, it is indeed possible to halt mortgage payments for up to 18 months.
The Gasparrini Fund, managed by Consap, was designed to assist families in economic distress who are struggling to meet their mortgage obligations.
This fund offers the possibility to suspend payment for a mortgage taken out to purchase a primary residence.

To initiate the suspension and avoid mortgage payments for a maximum of 18 months, borrowers must submit a specific request to the bank that issued the loan.
The application must specify the desired suspension period, although this timeframe also depends on the eligibility criteria for accessing the benefit.

The following conditions must be met:

• The applicant must own the property linked to the mortgage.
• The borrower must hold the mortgage contract.
• The total loan amount must not exceed €250,000.
• The mortgage must have been active for at least 12 months.
• The applicant’s ISEE (equivalent economic situation indicator) must not exceed €30,000.

Eligibility Criteria for a Mortgage Suspension

To qualify for this payment pause, it is essential that the applicant has not previously utilized other suspension measures, or if they have, the total suspension duration must not exceed 18 months.

Furthermore, it is crucial that there have been no payment delays in the past.
The mortgage holder must have experienced one of the following circumstances:

• Suspension of employment for at least 30 consecutive days;
• Reduction of working hours for a minimum of 30 consecutive days by at least 20%.

Depending on the length of unemployment or reduced hours, the maximum suspension duration varies:

• 6 months for suspensions of 30 to 150 days;
• 12 months for suspensions of 151 to 302 days;
• 18 months for suspensions of 303 days or longer.

Access to the fund is also available under other circumstances, such as:

• Termination of a fixed-term contract;
• Termination of a permanent contract;
• Termination of a parasubordinate work agreement;
• Death of the mortgage holder;
• Serious disabilities or civil invalidity of at least 80% for the mortgage holder.

Required Documents to Postpone Payments

When applying for access to the Fund for mortgage suspension, the borrower must provide a valid ISEE and the following documents:

• If employment was terminated under a permanent contract, a letter of termination or documentation proving resignation for justified reasons;
• If the contract was fixed-term, a copy of the contract indicating the end date or documentation confirming termination;
• A copy of the contract and communication of the interruption for parasubordinate work;
• A copy of the medical certificate for severe disability or invalidity;
• If suspended for at least 30 days, copies of relevant authorization documents and employer declarations.

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