Work is not debt

The mortgage housing lending agency (AIZHK) decided how exactly it will support mortgage borrowers. The corresponding program on Thursday was approved by AIZHK's supervisory board, and now it remains only to coordinate it with the government.

The program provides for large-scale measures that facilitate the debt burden on people, whose standard of living has sharply decreased due to the crisis. We are talking about borrowers, the monthly income of which was reduced to a level comparable to the amount of a monthly loan payment, and a living wage.

Who will help AIZHK
According to the Central Bank, on October 1, 933.5 billion rubles of housing loans were issued in Russia. At the same time, overdue debt on mortgage loans in January - September 2008 increased 6.2 times, to 5 billion rubles and amounted to 0.5% of all housing loans.
According to various estimates, about 500 thousand Russian families are now burdened by mortgage loans. According to Rostrud, in our country, 2.93 million unemployed were identified in the first half of the year. The department does not yet have more fresh statistics. However, it is obvious that this figure at the end of the year will be noticeably higher, because the mass reduction of employees began in companies in the fall. At the same time, AIZHK itself estimates the potential volume of problem loans at about 25 billion rubles.

Now, after a loss of work or a sharp decrease in salaries, borrowers who took a mortgage loan before December 1, receive the right to apply for a loan restructuring. It can be applied to AIZHK or to the creditor bank throughout 2009.

AIZHK will create an agency for the restructuring of mortgage housing loans - a subsidiary, which will engage in the help of insolvent citizens. The same 200 billion rubles will be sent to the authorized capital of the new company, which the state previously promised to allocate AIZHK to solve the problems of mortgage borrowers.

Participation in the program is based on the principles of payment, repayment and urgency of obligations. At the same time, the borrower will be offered two options.

The first provides for a change in the payment schedule and reducing their amount during the grace period plus extension of the loan. For those who count on the rapid restoration of their financial capabilities, another option is provided. It is also a change in the payment schedule and a decrease in the amount of payments for the grace period, but upon its expiration, the amount of payment is increasing again. The maximum grace period will be 12 months from the date of circulation of the borrower.

The program that will implement a new agency provides for various restructuring schemes. So, it can act as a tender for restructured loans, or buy a loan with a discount, or provide an additional loan to the debtor.

To do this, an insolvent borrower will have to contact either AIZHK or his bank, which will contact the agency. At the same time, the borrower must provide a package of documents confirming his insolvency. This is, for example, a 2-NDFL certificate, from which it follows that the salary has sharply reduced, or a work book confirming the dismissal of reduction.

As explained by the head of the Department of Communications AIZHK Anna Yartseva, the details of restructuring and the procedure for interaction with banks have yet to be developed. At the same time, according to her, the agency will not transfer the ownership of the problem apartments either to itself or to its subsidiary. It is precisely the problem debts that will be transferred to the balance of the new organization. This will help remove the load from banks and at the same time will not affect the stability of AIZHK.