If you are paying for your acquired home through Infonavit, there is an option not to fall into default before the institute in case of unemployment.
The National Institute of the Workers’ Housing Fund (Infonavit) has implemented a series of programs to help you in case you lose your job.
The Flexipayment for unemployment is a scheme of the institute that seeks to provide flexibility so that you can keep up to date. The three options it gives you are:
- Payment of your monthly
- Payment of the Payment Protection Fund (FPP), only applies to credits granted from 2009 onwards.
- Use the Total Extension
In order to select the option that best suits your situation, you need to see if you can cover the amount of your monthly payment, in which case your credit will be kept up to date, if you can only cover part of your monthly payment, you must use the Payment Protection Fund (FPP) or if you cannot apply any of the two previous options, you can opt for the benefit of your Extension.
To be able to use any of the options it is important to get into My Infonavit Account on the institute’s platform, to verify that you are a candidate for these supports.
Payment Protection Fund (FPP)
All credits granted as of 2009 are backed by the Payment Protection Fund, which supports you with your monthly payment in case of unemployment.
Unemployment insurance can be used by anyone who has a credit as of 2009, Infonavit knows that unemployment is one of the main issues for which the payment of monthly payments can be compromised, for which it created the Fund of Payment Protection (FPP).
The FFP is nourished by the contributions of all the credits that the institution has granted since 2009.
In order for this insurance to work, 2 percent of the payment of the credits is withdrawn each month, so a fund is made that serves to help cover the payments of people who cannot meet their monthly payments.
The requirements to be a candidate for this support are:
- That your credit has been granted after 2009.
- Have had a working relationship of at least 6 months.
- Have a month of unemployment, as long as it has not been due to pension, retirement, incapacity or invalidity.
- Not having received this support in the previous five years.
The Infonavit Extension will help you for up to 12 months in a row or 24 months discontinuously so that you do not make any type of payment during this time, in order to apply you can do it from the first month that you cannot make the payment of your credit and this .
This is for anyone who has any credit from the institution and who has not been able to pay it for at least a month.
“Take into account that, by taking advantage of this option, your outstanding balance will increase, since although at that time you do not have to make the required payments, the interest corresponding to each month will be charged, which will be added to your total debt .”, emphasizes the Infonavit page.