New home loans generally begin to be repaid in the second month after the mortgage loan is approved. There is no intuitive connection between the loan and the house, and it has nothing to do with the state of the house. As long as it is a mortgage, the lender will start to repay the mortgage. If you can't repay on time, you will face penalties such as house seizure, bank prosecution, and blacklist of credit information. After the mortgage loan is submitted for approval, we should pay more attention to the time of lending and repay it in time.

What are the hazards of mortgage default?

1, credit impact

If the borrower defaults, it will be blacklisted by the credit information. After personal credit has a bad record, the credit will be damaged. This will affect the future card and loan, and even affect your own work.

2. Penalty interest

If the borrower fails to repay the loan within the specified time, he will face penalty interest in addition to making up the money. If the borrower signs a loan contract when handling the loan, if the property owner fails to repay the monthly payment on time, according to the provisions in the loan contract, penalty interest will be incurred. The penalty interest on overdue mortgage is very high. The longer the mortgage is delayed, the worse it will be for you.

The property was auctioned.

Usually, when the buyer defaults for the first time, the bank will send a text message to remind him that if he defaults for more than three times, he will start to generate a penalty interest, which will be pursued by the bank staff; If it breaches the contract for more than six times, the lender's property will be frozen, because it is borrowed from the bank when buying a house, so the property right of the house temporarily belongs to the bank.

After the lender's long-term default, if the recovery fails, the bank may choose to take back your house, and after taking back the house, the bank usually chooses to auction at a low price to recover the cash, that is to say, the lender's house is likely to be auctioned directly by the bank.

4. Economic losses

Once you enter the legal process, the bank will apply to the court for auction of your house, and all kinds of expenses will be deducted from the proceeds from the court auction, such as case acceptance fee, announcement fee, preservation fee, execution fee, evaluation fee and auction fee. And then it will be used to repay the bank's loans and penalty interest. If there is any balance, the balance will be returned to the lender. If the proceeds from the auction are still insufficient to repay the bank loan, the bank has the right to freeze the borrower's bank deposit, or even bring a lawsuit to the court where the house is located, and repay the bank's losses through various means until it is paid off.