translated from Spanish: Do you have a Fovissste credit at UMAS? You’ll be able to restructure it to pesos

This Monday, December 7, the program «Restructuring UMAS to pesos» comes into force, promoted by the Housing Fund of the Institute of Security and Social Services of State Workers (Fovissste). This initiative will be able to migrate the financing obtained in Unit of Measure and Update (UMA) to pesos.
The program was born «in response to a social demand that for decades have been externalized by state workers», said the executive member of the organ, Agustín Rodríguez López, during the morning conference on December 3.

At a press conference in Palacio Nacional, Executive Vocal @ArqAgustin19 Rodríguez López announced that from December 7th he will start the program of conversion of credits from UMA’s to pesos, meeting a historical demand from workers.
— FOVISSSTE (@FOVISSSTEmx) December 3, 2020

With these actions, Rodríguez López assured that the government’s commitment to offer the conditions to raise the quality of life of the state worker and his family will be fulfilled.
The program will serve those accredited through two products: Restructuring UMAS to Internal Pesos and Restructuring from UMAS to Pesos with Commercial Banking. To transform the credit, the worker must be attentive to his/her statement, as it will be analyzed to determine whether he is a candidate for the application of either modality.
Read also: AMLO’s full speech in its two-year government report
If this is the case, a banner with the following legend will be automatically enabled: «This program is susceptible to join the UMAS restructuring program by weights». 
When you click on the announcement, you will see a list of all the documents with which state workers must go to the housing department to carry out the procedure.
According to information from The Economist, on Monday Fovissste will present its scheme to give certainty to those accredited about how much they will have to pay and within what timeframe. Details of the two proposed products shall also be specified.
One programme will be in the hands of the restructuring body and the other will operate with the support of commercial banking, which will be responsible for reconfiguring the loans granted by the fund.
What is an UMA?
The Unit of Measurement and Updating, according to the Institute of Geography and Information (Inegi), is an economic reference in pesos to determine the amount of payment of the obligations and assumptions provided for in federal laws, federal entities, as well as in the legal provisions that come from all of the above.
It is used to calculate mortgage loans, fines, taxes, government procedures and benefits. The Inegi changes its value every 12 months.
The monthly value of the UMA is calculated by multiplying its daily value by 30.4 times. Its annual value is calculated by multiplying its monthly value by 12.
In 2020 its daily value is 86.8 Mexican pesos; its monthly value is $2,641.5 and the annual value is $31,693.80.
Restructuring from UMAS to Internal Pesos
For the purpose of this change, the worker must comply with a credit granted by January 1, 2006 and, individually, be an active worker at the end of June 2019 and not be in collection.
Fovissste will offer one-fifth to the insolvent debt wage, the credit will be denominate in pesos and a nominal rate of 6% will be applied to it.
You may be interested: AMLO’s full speech in its two-year government report
This restructuring, according to The Economist, is originally intended to transform 5 thousand 482 credits and will be offered one fifth to 5% of the debt balance.
The Restructuring of UMAS to Internal Pesos will have to be formalized before a notary public, also the term of the credit will not be extended, but the legal period of the original credit will be maintained.
Restructuring from UMAS to Pesos Commercial Banking
The banks participating in this second product shall offer loans denominated in pesos at a preferential nominal fixed interest rate to refinance the original loan, while the term of credit shall be determined by both the accredited and the bank.
This scheme proposes the restructuring of around 47 thousand 668 credits. Fovissste will in turn charge a commission to the bank for payroll discount recovery services for mortgage loans.
In relation to this: Banks extend the freeze on the payment of credits for the pandemic by one more month
In the event that the accredited party is pensioned, leaves the sector, lowers his salary, changes of dependency or presents a similar change, payment must be made through the ininstitution that granted the loan. 
For this program, SAR contributions must be available in the last six months, in addition to its age added with the remaining credit time must be less than 80 years.
The unit suggests keeping an eye on updates you make through your social networks and your Fovissste digital portal:
With information from The Economist.
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Original source in Spanish

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