The nature is the same. As long as the two are overdue, credit stains may occur, and the consequences are the same. If the overdue amount is not paid off, subsequent credit-related business will definitely be affected. If both the credit card and the mortgage are overdue, it is recommended to ensure that one can be paid off first. For example, the credit card has a minimum repayment amount. If both are overdue, it will be more troublesome.

The consequences of an overdue mortgage loan

1. Bad records in personal credit reporting

If a mortgage loan is overdue, the lending bank will see the overdue information as soon as possible. Whether you have a commercial loan or a provident fund loan. Even if you are overdue for one day, some strict banks will enter the overdue information into the central bank's credit reporting system. Your credit reporting system will have overdue records. It will be very troublesome for you to apply for a credit card or loan in the future. Even if the loan can be approved, the loan limit It will also be much lower.

2. Penalty interest and late payment fees

No matter what the reason is for your mortgage to be overdue, the bank will call you as soon as possible to ask for repayment. Overdue repayment will also incur penalty interest. Generally, the bank's penalty interest rate ranges from 30-50% based on the original loan interest rate.

If the overdue mortgage is paid off within 7 days, the lending bank will not charge additional late fees for the overdue mortgage. But if it exceeds 7 days, the bank will charge penalty interest and late fees.

3. The court’s property preservation measures

General mortgage contracts have default clauses set by banks. If there are three consecutive or more than six overdue records, the bank will ask you for one. Pay off all loan principal and interest. Once a mortgage is overdue for more than three months, the bank can file a lawsuit in court, based on the relevant terms of the mortgage contract and the guarantee contract. The court will directly take property preservation measures by freezing deposits in all bank accounts of the lender and guarantor and seizing other mortgaged properties.

Don’t think that this is just a temporary seizure. You will have to pay money after the court decides. In the end, not only the principal and interest of the loan, penalty interest and late payment fees must be paid off, but also litigation costs and the costs of disposing of the collateral (pledge) and realizing it must be borne.