Problems with your Fovissste credit? Here are the paths offered by the fund, if you have complications

One of the public options to access a home loan is the ISSSTE Housing Fund (fovissste) and although its spectrum is limited only to State workers, it is currently the third most important organization in mortgage financing in the country, with more than 911,000 accredited

In this context, the complaints of borrowers are recurring because most of their credit card it is indexed to the value of the Measurement and Update Unit (UMA) — before it was Sometimes Minimum Wages —, which means that the financing balance is updated year after year.

This has affected the pocket of borrowers, who, despite complying with the law with recurring payments, do not see their debt balance decrease.

Despite the fact that there is a restructuring in the organization, which is even at the Law level, which will allow greater clarity for the Fund’s borrowers, there are still many people who said changes will not be reflected in their credits immediately.

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For those people who have a particular situation that prevents them from paying their credit With this organism, the Fund, in charge of César Buenrostro Moreno, has options to help its borrowers who have these complexities, which we describe here.

Clearance of 10

In this scheme, borrowers who have already paid 90% of their financing in a timely manner are forgiven 10% of the remaining debt.

“When the borrower has already paid 90% of his credit You can cancel the remaining 10 percent,” Buenrostro Moreno explained.

Early settlement, with 5% or 10% discount

With this program, borrowers seeking to settle their creditthey are offered a discount of 5% or 10%, depending on the age of their financing.

Settlement of credits 30/60

In this scheme, the fovissste settle the balance of the creditsin case the accredited have:

• * Over 60 years of age and have paid twice the amount of the credit that they were awarded.
• * That the financing is more than 30 years old.

“(This program) we are operating automatically, the accredited does not have to come looking for it, I think that also gives a plus,” said Buenrostro Moreno.

Total liquidation restructuring

In this type of support, the credits damaged by the economic crises and a 34% discount is granted on the balance pending payment.

“This operated especially with a portfolio recovery that had the fovissste several years ago, are for credits deteriorated by economic crisis”.

Decrease in the biweekly payment obligation

Also known as a Tailor-made solution, floor payment, this scheme is focused on supporting people who have complications to pay their financing, for which the agency carries out a socioeconomic study to find out the borrower’s ability to pay.

“We are doing a series of socioeconomic studies to determine the real value of what the borrower can pay, we are working on it right now, especially with people who have left the sector. So, we are moving quickly with them and there has been a good response,” declared the executive spokesman of the fovissste.

UMA Update Discount Program

Given the UMA update, the Fund announced that it would allocate around 4,000 million pesos to reduce the annual impact of the UMA update in 2023.

According to Buenrostro Moreno, for the first time in the fund’s 50 years, this organization will absorb a percentage of the increase in the value of the UMA, in order not to raise the debt of the organization’s more than 900,000 current borrowers to the same level.

According to the executive member, this scheme has already been approved by both the Executive Commission and the Board of Directors of ISSSTE, so borrowers will soon see this reflected in their account statements.

If the accredited have any questions, they can call 800 368 4783, go to the page gob.mx/fovissste.