President Luis Lacalle Pou sent a bill to Parliament that will be dealt with urgently in the Senate and in Deputies this very Wednesday and that aims to prevent 5,000 mortgages from falling, which could cause damage of US$ 50 million to the Condition.
As reported The Observer, the situation was warned last week by the Minister of Housing, Irene Moreira, and Undersecretary Tabaré Hackenbruch in a meeting with white legislators in which they explained that what was sought was to correct “collateral damage” derived from two articles of the law for Urgent Consideration (LUC).
The problem originated in the wording of article 463 of the LUC. There, several modifications to the Civil Code were proposed and, in general terms, the limitation period for mortgage debts was reduced from 20 to 10 years. That term begins to govern once the loan expires. Through another article of that norm, 467, a period of two years was established from the validity of the law so that the prescriptions that were in progress began to be consummated.
The LUC was enacted on July 14, 2020, so the term expires tomorrow, Thursday. The government project seeks to extend it for two more years.
Those debtors whose term expires as of this Wednesday did not receive any notification in this regard, so if the project is not approved, the ministry will be forced in the next few hours to frantically send a “bad” of notifications in an attempt to prevent these debts from falling automatically, with the fear of “general nervousness” among debtors. The sources remarked that the MVOT considers the situation “serious”.
If the text is approved, the MVOT will have two years to orderly interrupt that prescription.
