Legal analysis: 1. You can apply to the bank for an extension. If you really can't pay back the money temporarily, you can apply to the bank for a grace period. Generally, if the situation is true, the bank will agree to extend the repayment date to a certain period. 2. Borrow money from relatives and friends to repay the loan. 3. Collateral is auctioned. When the loan cannot be repaid, the bank will discount the collateral or auction it to repay the loan.
Legal basis: Article 410 of the General Principles of the Civil Law of People's Republic of China (PRC) * * * If the debtor fails to perform the due debt or realize the mortgage right according to the agreement of the parties, the mortgagee may agree with the mortgagor to discount the collateral or give priority to compensation with the price of auction or sale of the collateral. If the agreement harms the interests of other creditors, other creditors may request the person to cancel the agreement. If the mortgagee and the mortgagor cannot reach an agreement on the way to realize the mortgage, the mortgagee may request the mortgagee to auction or sell the mortgaged property. Where the mortgaged property is discounted or sold, it shall refer to the market price.
Second, what should I do if the house loan is unable to repay?
If the property buyers can't repay the mortgage on time due to accidents, they can apply to the loan bank for loan extension 30 days in advance. After verification, the bank will appropriately extend the mortgage term and reduce the monthly payment.
Under normal circumstances, if you don't pay your mortgage on time, the bank will call and write to urge you to pay it back. And there will be late fees during this period, which will accumulate more and more. If you don't repay the loan, the bank will come to your house or send you a lawyer's letter, and then dispose of the house according to the relevant provisions of the contract terms, such as auction.
If the house purchased by the lender has not been mortgaged in the housing management department, the loan bank will ask the developer to assume the guarantee responsibility according to the loan contract when you have not paid back for three consecutive months or six months. After the developer repays the remaining loan for you, the developer will repossess the house or auction the house according to the guarantee law.
In this case, your economic loss is great, because the price of the house recovered or auctioned is often lower than the price when you first bought the house, and most of the loans you start to repay every month are interest, which means that you haven't paid back much principal, so the result is that after recovery or auction, you may have little left.
Therefore, if the mortgage is not repaid, banks and developers have the right to auction your house! In addition, the bigger disadvantage is that your credit in the bank will have a bad record. Once marked, it may be kept for 3 to 7 years. If you want to borrow from other banks in the future, it may be difficult to apply because of bad credit.
Third, what should I do if the house loan is not repaid?
What if the mortgage is not paid back?
1, try to save yourself. Don't be discouraged if you have temporary financial difficulties because of being fired or resigned by your boss. Everyone is dissatisfied with this job at times. Just change it, maybe you will find that the new job is more suitable for you. In short, think about your family, think about your heavy responsibilities, adjust your mentality as soon as possible, get back on your feet, try to find a good job, and try to restore mortgage repayment.
2. Ask friends and relatives for help. If your business ability is really limited, you can't find a suitable good job in a short time, and you can't help yourself get rid of the monthly payment, don't be discouraged. Summon up your courage and try to raise some emergency funds from relatives, friends and colleagues around you to tell people the truth about your current difficulties. Maybe you will get their support and help.
3. Ask the bank for help. You really can't repay your monthly payment on time. You can signal the bank for help. As long as it is not a malicious default on loans, banks will generally give full consideration to the current situation of lenders and help you solve your urgent needs humanely. The olive branch that the bank throws you is that you can apply for an extension of loan repayment. Of course, first of all, you have to submit a written application to the bank that lent you money, asking the bank to extend the loan period for you.
How can you save yourself without a mortgage?
1. Transfer or sell the house. The house you bought is transferred for sale, and the mortgage is repaid with the funds obtained from the transfer or sale of the house. The premise is that you must obtain the consent of the lending bank before you can adopt this method. After you transfer or sell the house, the repayment obligation will be continued by the new buyer. This way is more active than the bank auction or lawsuit mentioned below, and your economic loss will be much less.
This house was auctioned by the bank. Auction of houses is the worst policy. Generally, if the lender fails to repay the mortgage for more than half a year and the bank cannot recover it, the bank will apply, and your house will be recovered by the bank and auctioned at a low price (generally, the auction price will be lower than the market price 10%-20% or more). So this method has the lowest cost performance. To this end, your economic losses will be very heavy, and it will affect your personal reputation.