What does ADE mean in MEXICAN

The Acuerdo de Apoyo Inmediato a Deudores de la Banca (IMFADE) is an agreement signed by the Spanish government in order to provide immediate assistance to bank debtors who are facing financial difficulty due to the economic crisis. It includes measures such as loan deferment, interest rate reduction, and granting of additional funds for debt restructuring.

Eligible parties for IMFADE include individuals and businesses with outstanding loans or mortgages with entities participating in the agreement, which include all major banks in Spain.

IMFADE provides financial relief to eligible debtors through multiple measures, including loan deferment, interest rate reduction, and provision of funds for restructuring of existing debts.

Applicants should first consult with their lenders in order to determine whether they are eligible for participation in the agreement. If eligible, applicants should then complete and submit an application form along with supporting documents to their lender's office. After processing of the application by lender's office, approval will be granted if it meets criteria set out by IMFADE.

Loan deferrals and reductions on interests offered by IMFADE are valid up to one year from the date of approval. However, lenders may extend this period depending on applicant circumstances upon renewal request.

No fees are applicable for applications submitted to lenders under IMFADE agreement.

When submitting your application you must provide proof of identity such as a passport or national ID card; proof of income; proof of residence; statement of assets; copies of mortgage documents; copies of loan statements; information related to debt payments made since 2011; details about any bankruptcy declarations or proceedings that you have undergone since 2011 or any other documents requested by your lender’s office relating to your application.

Yes. You can only apply once every two years from the date that your last application was approved by your lender's office.

Yes, only those expenses directly related to repayment of loans taken out before 1st January 2011 are eligible for coverage under this program. These include payments made towards principal amount owed, interest payments or related charges such as arrangement fees and valuation costs etc., plus reasonable legal costs incurred during negotiations between debtors and creditors where applicable.