Will you be prosecuted if you are overdue for less than 90 days?
According to the regulations, the borrower loans overdue has the right to sue after more than 90 days. But it doesn't mean that loans overdue will be prosecuted by financial institutions in more than 90 days. Because financial institutions need to pay a lot of manpower, material resources and energy if they want to sue, and the court stipulates that if they want to sue, they still need to pay legal fees.
In addition, most financial institutions do not want to take loans to court. In fact, there are some loopholes in the loan contracts of many financial institutions, such as unqualified loan interest rates or extra charges.
In this case, many financial institutions are reluctant to sue borrowers. Of course, if the borrower's loan amount is relatively large and overdue for more than 90 days, financial institutions will definitely sue in order to ensure the safety of funds.
Should I be sued if my mortgage is overdue for 90 days?
Usually, banks can sue bank loans that are 90 days overdue. The loan owed to the bank is a loan contract dispute, and the bank can sue the court for recovery regardless of the amount. Moreover, the amount of mortgage loans generally reaches the million level. If loans overdue lasts more than 90 days, banks will basically sue.
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