La legge del febbraio (cosiddetto Milleproroghe) prevede la riforma della Il decreto legge / (“per la crescita, l’equità e il in un unico testo rappresentato dal Regolamento Comunitario / /27/modifiche-al-testo-unico-in-materia-di-espropriazione-per-pubblica-utilita .. /03/03/convertito-decreto-milleproroghe-privacy-enti-locali-libretti-al-portatore . • DECRETO SALVA ITALIA: D.L. 6 dicembre , n. (Estratto) Completa il Pocket un Indice analitico con il rinvio alle principali voci del Testo Unico.
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Renegotiation of mortgage loans: the new provisions introduced by decree n. / – Lexology
The Development Decree has introduced, inter alianew provisions concerning the renegotiation of the mortgage loans. The borrower and the lender will be entitled to agree that the renegotiations will extend the amortisation plan of the decretoo loans for a maximum period of five years, provided that the residual life of the relevant mortgage loan, following the date of such renegotiation, does not exceed twenty-five years.
My saved default Read later Folders shared with you. In this respect, it has to be noted that the purpose of such loans seems to be a refinancing purpose rather than a purchasing or rebuilding one.
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Mediation of insurance disputes: Follow Please login to follow content. Italy May 20 In this respect, article 8, paragraph 8, items d and eprovides that: More specifically, pursuant to article 8, paragraph 8, of the Development Decree, borrowers who, before the entry into force of such new provisions, have executed or assumpted a mortgage loan agreement, also after splitting up of the loan, have the right to renegotiate the terms of their mortgage loan with the relevant lender, provided that: In these cases, the lender will be subrogated in the relevant mortgage securities, 0211 the need of any additional formality or annotation, but such subrogation will be not effective until the claims of the assignee i.
To this purpose the lenders have been granted with relevant instruments to achieve this goal i. Renegotiation of mortgage loans: To view all formatting for this article dscreto, tables, footnotesplease access the original here.
If you would like to learn how Lexology can drive your content marketing strategy forward, please email enquiries lexology. The renegotiation of a mortgage loan does not involve the novation on the mortgage securities originally created to secure the loan.
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The effect on the existing mortgages The renegotiation of a mortgage loan does not involve the novation on the mortgage securities originally created to secure the loan. These new provisions article 8, paragraph 8, of the Development Decree would become a part of those measures which grant suspension of loan instalments in favour of families Piano Famiglie and small and medium enterprises Avviso Comunein order to help borrowers in financial milleprorogeh.
Please contact decret lexology. Login Register Follow on Twitter Search. Article 8, paragraph 8, of the Development Decree introduces the right for the millleproroghe to renegotiate their mortgage loans: On 5 May the Italian government approved the law-decree n. It seems reasonably to argue that also in compliance with the recent measures granting the suspension of loan instalments in favour of families Decreto Milleproroghe 1 and small and medium enterprises Avviso Comunethat the aims of the Development Decree in this respect are the following: Keep up the good work, it’s most appreciated!.
Renegotiation of mortgage loans: the new provisions introduced by decree n. 138/2011
Moreover, the provision according to which, only mortgage loans in respect to which no late payments have been made at the date of the request of renegotiation could be renegotiated, may raise doubts, considering that, as textually drafted, such provision seems specifically to exclude loans in respect of which late payments have been made in the past but are in line with payments at the date of request of renegotiation.
Listed here below, some considerations regarding the scope of application of the provisions on the renegotiation of the mortgage loans:. The provision according to which, in order to be allowed to renegotiate mllleproroghe mortgage loans, it is necessary that the relevant mortgage loan accrues interest at a floating rate and provides for payment of variable instalments for the whole duration, might raise doubts, due to the fact that it is unclear whether such provision refers solely to decreo residual life of milleproroghhe mortgage loan or to its original duration as wellregarding the applicability milleprorogne the Development Decree’s provisions with millepriroghe to the mortgage loans which do not have a floating rate and variable instalments at the date of disbursement but did become floating rate and variable instalments mortgage loans as a result of a previous renegotiation.
In particular, the Development Decree provides that the mortgage securities originally created with respect to a loan which is being renegotiated, shall continue to secure the debt over the original expiry date of the loan, without the need of any additional formality or annotation. With reference to the renegotiation of mortgage loans which claims have been securitised, according to the provisions of article 8, paragraph decreho, item ad and e of the Development Decree, and specifically taking into consideration the following:.
The possibility to extend the amortisation plan of the mortgage loans has been introduced to reduce the possible increase of the instalment amount upon change from the floating rate to the fixed rate becoming effective. The renegotiation of a mortgage loan involves the change from a floating rate to a fixed nominal annual interest rate which must not be higher than the interest rate obtained by applying i the lower between the year Euro IRS and the IRS in Euro applicable to a duration equal to the residual life of the mortgage loan or, if not available, the quotation of the IRS related to the immediately preceding duration, as it appears on Reuters ISDAFIX 2 page at the renegotiation date, plus ii a spread equal to the one indicated in the relevant loan agreement, for the purpose of determining the applicable interest rate.