First, know your rights and debts.
The borrower should carefully consult the loan contract to understand the specific terms of the loan, including repayment period, interest rate, liquidated damages, etc. At the same time, you should know your total debt and repaid amount so as to make a proper repayment plan.
Second, communicate with lending institutions.
Borrowers should take the initiative to contact lending institutions to explain their repayment difficulties and seek solutions such as delaying repayment and adjusting interest rates. Lending institutions can give a certain grace period or adjust the repayment plan according to the actual situation of borrowers.
Third, seek professional advice and help.
Borrowers can consult professional lawyers or financial advisers to understand their legal responsibilities and rights and seek suitable solutions. Professionals can help borrowers assess risks, make repayment plans and negotiate solutions with lending institutions.
Fourth, consider selling real estate.
If the borrower is really unable to repay the loan, selling the property may be a solution. By selling the property, the borrower can repay the loan and avoid further accumulation of debt. However, the sale of real estate may involve complicated legal procedures and expenses, and borrowers need to consider it carefully.
Verb (abbreviation for verb) avoids illegal means.
When dealing with the debt problem, borrowers should avoid illegal means, such as evading debts and forging documents. These actions may not only lead to more serious legal consequences, but also damage the borrower's credit record.
To sum up:
When the second mortgage of the house cannot be repaid, the borrower must first understand his rights and responsibilities, communicate with the lending institution and seek a solution. At the same time, you can consider seeking professional advice and help, as well as selling real estate and other solutions. When dealing with debt problems, borrowers should abide by laws and regulations and avoid using illegal means.
Legal basis:
Contract law of the people's Republic of China
Article 206 provides that:
The borrower shall repay the loan within the agreed time limit. If the term of the loan is not agreed or clearly agreed, and cannot be determined according to the provisions of Article 61 of this Law, the borrower may return it at any time; The lender may urge the borrower to return it within a reasonable period of time.
People's Republic of China (PRC) Securities Law
Article 53 provides that:
If the mortgagee is not paid off at the expiration of the debt performance period, he may agree with the mortgagor to discount the collateral or be compensated with the price of auction or sale of the collateral; If the agreement fails, the mortgagee may bring a lawsuit to the people's court.
People's Republic of China (PRC) property right law
Article 195 stipulates:
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 mortgaged property or give priority to compensation with the price of auction or sale of the mortgaged property. If the agreement harms the interests of other creditors, other creditors may request the people's court to cancel the agreement within one year from the date when they know or should know the reasons for cancellation.