Jiufu Loan will come to you for collection. If the amount owed is large, tens of thousands, and Jiufu Loan knows the borrower’s home or work address, in order to successfully collect the loan, we will most likely come to your home to collect the loan. Otherwise, door-to-door collection is unlikely.
The consequences of non-repayment of the loan:
1. The lending institution will collect the due loan from you in accordance with the law. According to the loan contract and the guarantee contract (mortgage or pledge contract), the loan will be File a lawsuit in court, and the court will take property preservation and other measures, including freezing the deposits in all bank accounts of you and the loan guarantor, and seizing your mortgaged properties. After the judgment is made, the property will be enforced in accordance with the law (withholding of deposits, auction of mortgages, etc.) to repay the bank's loan losses. Specifically, it includes: loan principal, loan interest, overdue interest and penalty interest, as well as all resulting litigation costs, related costs incurred when disposing of mortgage (pledge) properties and realizing them, etc.
2. Your credit will be affected, and loans in your personal name will also be recorded as overdue loans in the national personal credit consultation system. If the lending bank does not clear your record, you may not be able to get a loan from any bank in the future, your credit report will be blacklisted, you may be restricted from traveling, and you will not be allowed to fly or go abroad. You may not be able to take a train in the future. No tickets can be bought.
3. If you provide false information or provide false information when borrowing money, the lending institution may sue you for loan fraud. If the loan fraud is true, you may be sentenced for fraud. The "Criminal Law Amendment (6)" creates new crimes. Article 175-1 of the Criminal Law, “Whoever obtains loans, bill acceptances, letters of credit, letters of guarantee, etc. from banks or other financial institutions by deceptive means, causing heavy losses to banks or other financial institutions or other serious circumstances, shall be sentenced to fixed-term imprisonment of not more than three years. Or criminal detention, and shall also be fined, or shall be fined alone; those who cause particularly heavy losses to banks or other financial institutions or have other particularly serious circumstances shall be sentenced to fixed-term imprisonment of not less than three years but not more than seven years, and shall also be fined.”
: What are the consequences of not paying back the mortgage? :
1. Economic losses
If the payment is really cut off, you will lose all of these expenses including the down payment for the house, the commission paid when buying the house, taxes, intermediary fees, and even the maintenance fund. It's impossible to take it back. Including the monthly payments you have paid, they will not be recovered.
The bank will also impose penalties on you, and the penalties for overdue mortgage loans are relatively high. The longer the payment is cut off, the higher the fines, which is more disadvantageous to home buyers.
2. Credit report is damaged
If you cut off your payment, it will be recorded in your bank’s credit report system. This system is exclusive to everyone. In the future, your Loans, credit cards, and even taking high-speed trains and planes may be affected to varying degrees. If you want to get a loan next time, it will be almost impossible.
3. House auction
If you cannot continue to repay the remaining loan and the bank cannot recover the loan, the house can only be auctioned at a low price. If you are sued by the bank, you may also be liable for liquidated damages, repayment of any remaining loan balance, and legal costs. If your house is not enough to repay the bank loan after the auction, the bank has the right to freeze your bank property and even personal property. Finally, various channels are used to make up for the losses until the borrower pays off all outstanding debts.