What are the solutions to overdue mortgages?
1. Extend the loan term: If the mortgage cannot be repaid on schedule according to the original repayment plan, you can apply to the bank for extending the loan term. As for the extension time, the bank also stipulates that the extension period of short-term loans shall not exceed the original loan term, the extension period of medium-term loans shall not exceed half of the original loan term, and the extension period of long-term loans shall not exceed three years.
2. Apply for deferred repayment: If the buyer cannot repay the mortgage on time due to unexpected changes, he can apply to the loan bank for deferred repayment 30 days in advance. After the bank verifies that it is correct, it will appropriately extend the mortgage term and reduce the monthly payment. At present, you can apply for many bank loans. When the borrower cannot repay the loan, he can temporarily explain the situation to the bank and apply for deferred repayment. The extension period can be decided by the borrower, but there is a maximum period limit, and the extension can usually only be applied once or twice.
3. Ask for help from relatives and friends: If it is really impossible to repay the mortgage, you can ask for help from relatives and friends to temporarily solve the dilemma and try not to default on the mortgage. If you default for a long time, the house is likely to be auctioned.
How long will the house be disposed of when the mortgage is overdue?
How long it takes to dispose of the house after the mortgage is overdue depends on how the loan contract signed with the bank when the lender applies for a loan is agreed. If the lender meets the contractual restrictions within the time limit, the bank has the right to implement the contract.
Under normal circumstances, if the lender fails to repay the mortgage on time for three consecutive months or six cumulative months, the bank will take some measures, such as terminating the loan contract in advance and requiring the lender to settle the arrears in one lump sum. If the lender has no funds to repay the loan or maliciously defaults on the loan, the bank may dispose of the mortgaged house according to the regulations.
When repaying the mortgage, the lender should pay attention to the statement that there is no grace period for mortgage repayment. Even if the lender is only one day overdue, it may affect the credit investigation, and it is also overdue, which is counted as three consecutive days.
In addition, mortgage repayment will not be delayed with the arrival of holidays. If there is a holiday, the lender had better prepare the repayment funds in advance to avoid overdue.