For most friends who buy a house with a loan, they are worried about paying off the mortgage every month. I’m very worried. What should I do if one day I don’t repay the mortgage on time, or I have no money to repay the mortgage? What are the consequences? I have sorted out the relevant consequences of having to cut off the mortgage payment. I hope it can help everyone! The loan cannot be paid to the bank. What will you do? First, take the initiative to negotiate with the bank to resolve the issue. We all... want to know more about what to do if the loan is not paid, so follow the editor of Hualv.com and take a look. Hualv.com For most friends who buy a house with a loan, they are worried about repaying the mortgage every month. I’m very worried. What should I do if I don’t repay my mortgage on time one day, or I have no money to repay my mortgage? What are the consequences? I’ve sorted out the consequences of cessation of mortgage payment for everyone, I hope it can help you! The loan cannot be paid to the bank. What will you do? First, take the initiative to negotiate with the bank to resolve the issue. We all know that running away is not the answer to a problem. Many loan applicants are at a loss when they are unable to repay their loans. In fact, if this happens, you should communicate with the lending institution immediately to resolve it. Whether it is extending the loan term or reducing the repayment amount each period, it is a good solution. Second, apply for a temporary loan from a small loan company. At present, loan applicants will first apply for loans from banks. The customer base of small loan companies is small and the quality is not high. In order to expand their business, many small loan companies have launched temporary loan products. For most temporary loan products, the loan period is not too long, never exceeding one year. For applications for temporary loan repayment, it generally does not exceed three months. But for companies that are in urgent need of repaying bank loans, it can also solve their urgent needs. What impact will it have on house slaves? Consequence 1: Penalty interest will occur. If you fail to repay on time for the first time, the bank will notify and remind you to repay on time. If you fail to repay the loan three times in a row, the bank will start to urge you to repay the loan on time, or even come to your door to collect the loan. At the same time, a penalty interest of 30-50% will be added to the loan interest rate stated in your excuse contract until the principal and interest are repaid. Consequence 2: Impact on normal life consumption. Once the bank sues you for cutting off mortgage payments, the borrower is likely to be blacklisted, which will seriously affect your future life and travel, and even worse, affect your children's schooling. Consequence 3: Produce bad personal records. Overdue mortgage payments will leave a bad record on your credit report, which will be retained for five years. Within these five years, it is basically impossible for borrowers to apply for loans from banks. Consequence 4: The house will be auctioned by the bank at a low price. If you really have no money to repay the loan, the bank has the right to auction your house at a price far lower than the original purchase price. If someone buys your house, the bank will deduct the principal and interest of the mortgage, as well as the attorney fees, litigation fees, preservation fees, court enforcement fees, etc. advanced in advance. In the end, only a pitiful amount of money will be left in your hands. Consequence 5: Insolvent, the bank has the right to collect debt from you. If you still cannot repay the principal and interest of the bank loan after the house is auctioned, the bank has the right to collect the debt from you. You will not be able to repay the principal and interest until the principal and interest owed to the bank are paid off. Buy any property. Method 1: If you just have no money to repay the loan temporarily, you can consider borrowing money from relatives and friends to repay the loan. Method 2: If the job change results in no financial resources to repay the loan for a period of time, you can actively cooperate with the bank when calling for payment, explain your situation to the bank, apply for an extension of loan repayment, and reduce the monthly repayment amount. Method 3: Apply to the bank to suspend principal repayment and only pay interest. This is generally accepted by banks. Method 4: If you really have no money to repay the mortgage, you can transfer the house and sell it with the consent of the bank. The proceeds will be returned to the loan, and the new home buyer will fulfill the repayment obligations.