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Mortgage loan agreement in Germany - COVID-19

posted May 4, 2020, 2:23 AM by Олег Клоченок
  • For loan agreements entered into before 15 March 2020, claims for repayment, amortisation and interest which are due between 1 April and 30 June 2020 are postponed by 3 months from their due date if and to the extent the consumer suffers a decline of income due to the COVID-19 pandemic, making fulfilment of the relevant obligation unbearable for the debtor, specifically in cases where the debtor’s means for living are endangered.
  • Creditors’ termination rights on the basis of non-payment or deterioration of credit or a deterioration of the realisable value of any collateral granted for such loan are excluded until 30 June 2020. The creditor has to offer to the consumer to negotiate a potential agreement and conceivable measures of support. If the parties don’t agree for the time period after 30 June the term of the agreement will be extended by 3 months.
  • Please note: in exceptional cases if the postponement of the payment or the exclusion of the termination right are unbearable for the creditor, the relief for the debtor shall not apply.
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