What are the consequences of defaulting on bank loans?

1. What are the consequences of defaulting on bank loans?

I advise you not to take the risk. It is estimated that it is usually three months. It should be written in the mortgage contract, because I haven't heard that the bank will urge the repayment, but I think the bank has a mortgage contract, so I may hope that you won't repay the loan, so you can auction your property. To say the least, even if you don't repay the loan for several months, the bank can still charge you late fees or interest, which is not a loss at all for the bank, but an unnecessary loss for yourself. If you repay the loan and have a deposit receipt, it will not affect the transfer. To say the least, you can also claim the money you paid and the bank interest for the same period.

Second, what are the consequences of bank loan default?

Consequences of defaulting on bank loans:

1. If the borrower fails to repay the bank loan, it needs to bear the liability for breach of contract, usually high penalty interest and liquidated damages;

2. Collection by financial institutions;

3. If the credit card is overdue for 90 days, it can be repaid by the banking institution.

Legal basis:

Article 1 19 of the Civil Procedure Law

The following conditions must be met:

(1) The plaintiff is a citizen, legal person and other organization that has a direct interest in the case;

(2) Having a clear defendant;

(3) Having specific requests, facts and reasons;

(4) It belongs to the scope of civil litigation accepted by the people and the jurisdiction of the accused people.