2. In the second month, if the lender still fails to repay the loan, some bank personnel will come to the door or go directly to their unit to demand payment.
3. If the lender fails to repay the loan for the third consecutive month, the bank will send him a letter. At this time, it also marks that the disposal of the property of the buyer has entered the judicial process, and then the property will be auctioned.
4. If the repayment is overdue for more than six times, the bank lawyer will call the lender to remind the lender of the consequences of not paying back on time, and the mortgaged property of the lender will be frozen during this period. Subsequently, the bank will negotiate with the lender about the repayment. If the repayment cannot be made after negotiation, the bank will auction the property through legal procedures.
5. After the property is auctioned, if the auction price is not enough to pay off the remaining loan, the borrower needs to continue to repay the loan until it is paid off. Prior to this, all the down payment and deed tax expenses paid by property buyers were paid to Shui Piao, and even related expenses such as attorney's fees, legal fees, court enforcement fees, etc. were paid during the property auction.
what should I do if the mortgage is not paid for the time being?
If it is only temporary cash flow difficulties or delayed payment of wages, there are three ways to deal with it.
1. Ask for suspension of repayment of principal
The borrower can negotiate with the bank and ask for temporary repayment of interest only without repayment of principal. Because the bank has a house as collateral, it usually accepts the borrower's proposal, and it can earn more interest. As far as banks are concerned, as long as borrowers don't evade their debts viciously, banks will have no losses.
2. Extend the repayment period
If the previous repayment period is short, you can apply to the bank for extending the repayment period. The longest loan period of a bank is 3 years, so that after the installment is started, the monthly repayment amount will be reduced and the borrower will be able to repay it.
3. Borrow money from banks again
In order to meet the needs of mortgage customers, many banks have launched "wealth management mortgage" to facilitate mortgage customers to lend out their repaid mortgages. However, the interest rate of the amount borrowed is a little higher than the mortgage interest rate.