Therefore, customers must pay attention to the good habit of repaying on time to avoid overdue situation. If you really can't repay on time, you can contact the bank for negotiation and apply for an extension of repayment; or you can first try to find friends and relatives around to borrow money, and after you have repaid the monthly mortgage payment, you can pay back your friends and relatives when you have free money in your hands.
Of course, if the customer is not the cause of the late, such as the system malfunction caused by the delay in the arrival of the account, it is possible to contact the bank to solve the problem.
If it is already overdue, then the customer has to hurry up to pay off the outstanding amount and find a way to remedy the situation. After that, it's a good idea to keep up the credit and avoid late behavior again. Bad credit records like late payment are usually kept for at least five years after the customer pays off the outstanding amount before they can be deleted by the system. But then accumulating a good credit history is something that can slowly override the old bad record.
How long does it take to repossess a house when a mortgage is overdue
If payments are cut off for more than three months or there are six defaults within a year, the bank has the right to file a lawsuit with the court to seize the property of the person who is overdue.After six months of non-repayment, the bank will ask the court to auction and mortgage the property in the borrower's name as a way of offsetting the mortgage owed. Meanwhile, the creditor can also unilaterally cancel the contract if the lender fails to fulfill the debt up to 20 percent of the total debt.
In general, banks or lenders do not take repossessions lightly. But once a borrower is overdue for more than three months labeled overdue, the bank will prosecute. If the borrower is not able to repay the outstanding amount, the bank is likely to repossess the house and put it up for auction.
Home loans, also known as home mortgages, are made by the home buyer to the lending bank to fill out the home mortgage application form, and provide legal documents such as identity cards, proof of income, home sales contracts, security certificates and other required documents must be submitted to the lending bank, the lending bank after reviewing the qualification to the buyer commitment to the loan, and according to the buyer to provide the home sales contracts and the mortgage contract entered into by the bank and the buyer, real estate, real estate, and the buyer. Based on the contract of sale of the house provided by the buyer and the mortgage contract concluded between the bank and the buyer, the real estate mortgage registration and notarization, the bank in the contract within the period of time the loaned funds directly into the sale of housing units in the bank's account.