The first is to communicate with the lending bank and adjust the repayment method of the mortgage loan. A housing mortgage loan contract is a type of contract. According to the provisions of the Contract Law, both parties to the transaction can modify the terms of the contract on the basis of consensus. Now that the subject is experiencing financial difficulties, he can apply to the bank to adjust the terms of the mortgage contract, extend the loan term, reduce the monthly payment amount, or adjust the repayment method to unequal repayment. Apply in the near future (a period when funds are relatively tight) Reduce the monthly payment amount, and after this period, increase the monthly payment amount based on your own financial situation. This method is not only beneficial to themselves, but also to the bank. After all, they do not want customers to default. If the loan is overdue, the relevant personnel will also bear responsibility, and there is still a lot of follow-up work to be done.
The second is to alleviate financial stress through external means. This includes asking relatives and friends to lend a helping hand and borrow money to turn over the money. Or through two or more credit cards (closely related non-personal cards are also acceptable). If the interest-free repayment period of the credit card is used well, there will be no or very little capital cost, but it can solve great difficulties. However, we seriously do not recommend using high-interest funds from online small loan guarantee companies. In that case, you will dig a huge hole for yourself and have endless troubles.
The third is to apply for a loan with balance mortgage. That is to mortgage your existing house to a financial institution or private lending institution to obtain funds. Because in addition to the down payment, this house also has a part of the loan that has been repaid, the existing market value of the house will of course be higher than the loan amount, and this higher difference is used as the basis for the balance mortgage loan. Of course, the priority is to choose formal financial institutions to reduce interest expenses. However, many financial institutions do not do balance mortgage, and some private institutions are willing to do it. Then we can only sacrifice interest and spend money to eliminate disasters to meet urgent needs.
In addition, I would also like to analyze the reasons for this situation for those who have the same distress:
First, when I applied for a mortgage loan, I was too optimistic and overestimated my own potential. Income level, unpredictable payment crises occur during the loan period, and the capital chain is overly tight.
The second is that when applying for a mortgage, you provide false loan application materials, including proof of income, proof of down payment, or there is a false down payment, you use a down payment loan, or you have hidden liabilities, etc., resulting in a loss of credit during the loan period. The risk was exposed, but the mortgage approving personnel did not know about it at the time. The applicant provided false information or wrong information, which laid hidden dangers for the approving personnel to make wrong decisions.
The matter has passed. Now is not the time to hold people accountable, but to learn lessons. I suggest students who have not yet bought a house not to accept down payment loans easily, not to hide their liabilities and exaggerate their income. Once a similar problem occurs, while we are reflecting on it, we must find ways to solve it. According to the three solutions mentioned above, or through one of the three solutions, it is a good solution. way.