Lays Down Rules On Debt Housing

Original Language Title: ESTABLECE NORMAS SOBRE DEUDAS HABITACIONALES

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"Article 1.-enabled to the President of the Republic so that, within a period of ninety days, in order to grant the credit referred to in the third subparagraph, issued one or more decrees having the force of law that establish the way in which may serve debts housing for the acquisition or construction of a home currently in force that meet at least the following conditions" (: to) that the original credit has not exceeded 1,200 units of building;
(b) that the property appraisal was not superior to 2.000 Unidades de Fomento at the date of the original credit;
(c) that the debtor is in arrears and demand corresponding to the procedure applicable to their debt has been notified you prior to June 30, 1990;
(d) that have occurred when the debtor a situation of deterioration or deprivation of income that have impeded him 25% of them pay the corresponding dividend or mortgaged property has decreased its value to less than the balance of the debt. These situations will be considered together or separately to result in entitlement to benefits established, and e) which is the unique property earmarked for housing that the debtor possesses.
The provisions issued by the President of the Republic in the exercise of the powers of the subsection first shall apply to agreements that hold or have held banks or companies financial with its debtors, insofar as they have the consent of the parties and comply with the conditions that the decrees with force of law established.
The President of the Republic may provide that the Treasury grant a credit for the single case of debtors who have suffered a decline in their income, which may be conditional upon the banks or finance companies to foregone or punish those same debtors obligations. The President shall fix the conditions that shall be granted credit, the way in which the debtor must serve it and the obligations which shall have for this purpose the lending financial institution.
The President of the Republic may establish the nature of enforcement of the documents that are issued or granted between the Bank or financial company and the debtors in the rescheduling was agreed, determine the way in which the Treasury will pay out the guarantees constituted and granted tax-exempt status to the above mentioned acts.
Expenditure which means the application of the decrees having the force of law issued by virtue of this article, shall not exceed the equivalent of 1.850.000 Unidades de Fomento, from the resources that annually should refer to the respective law of budgets.