What if I fall in mortgage delinquencies?

1. 90 days
You can owe up to three months without going into default. However, since the first day that falls into default the bank will claim the late fee and may complain to the judge but your house payment or total debt.

2. Negotiation
The Bank will seek to exhaust all possibilities before falling in the implementation estate (the process of seizure and sale of the mortgaged property to recover part or all of the debt). In 2007 the late payment was less than 0.70%, since before a property, the preferred bank refinancing (two years now and free one-governmental agreement) or a grace period (no monthly payments).

3. The execution
If no agreement is reached between client and bank seizes the property and goes to auction. This process can take up to 24 months, a period in which the debtor has the grace to live in the house. The property may or may not be awarded to a bidder. If not, becomes the property of the bank.

4. Until the very end
By signing the contract, the customer agrees to pay the full debt plus interest by making it present and future assets, and his endorsement. So if (as most of the time) the cost of the house does not cover the loan plus interest and court costs, the bank can seize all assets and income of the debtor and its guarantee to cover the debt.