Deferment of Mortgage Payments for Unemployed Borrowers: A Comparative Study, October 2017This study examines whether western countries intervene in the discretion of the banks and financial institutions to provide mortgage-loan holders who lost their employment a “grace period”. The study focused on the United States, Norway, the Netherlands, Germany, Britain, Spain, Italy, France, Austria and Switzerland.
The study distinguished between the imposition of a wide and automatic obligation on banks to grant a ‘grace period’ for repayment of mortgage payments, and between limited intervention, or no intervention at all in the discretion of the banks. The study also referred to the procedure that a borrower must undergo in order to apply for and receive a grace period (such as applying to the court). Furthermore, the study examined other mechanisms that facilitate mortgage borrowers who are in financial distress (such as government funded financial assistance programs, a government-funded solidarity fund, a national fund to accompany mortgage-lenders in negotiations with the bank, etc.).
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