Loans that are not repaid for more than three months will be classified as five types of bad debts, which the bank will investigate and then force the debt through various ways. If we don't make a payment in three months, or more than six times in a year, then the bank will sue us for seizure of our property. If we repay the amount within six months of the end of the lawsuit, then the bank can spare our lives and the house will not be foreclosed.
If it is more than six times overdue, the bank will take legal action. At that time, the bank's attorney will call to notify of the outcome of the missed payments, and the borrower's mortgaged property will be frozen. The bank will then negotiate with the borrower, and if they can't pay the money back, then the bank will put the house up for auction and take responsibility for the damages.
Determination of appraisal value
1.Negotiation with the executorPrior to the auction, the auction house will notify the executor and the executrix, negotiate with them, and ultimately arrive at a price that is acceptable to both parties. When the sale price is confirmed by the court, the final sale price of the house will be directly determined as the final sale price of the property.
If the executor is unable to contact the other party, or refuses to negotiate and is unable to reach an agreement, then the court will consider other means.
2. Valuing the price of the company The valuation company is a related unit that specializes in real estate valuation. Every year, the court will review these companies and only those that pass the review will be able to appraise foreclosed properties.
In the asset appraisal report issued by the appraisal firm, the specific condition of the house being appraised, the appraisal value, and other validity periods will be documented in detail.
3. Targeted inquiries are usually made to the Housing Authority or other government departments.
If there is a directed inquiry, the court will issue a letter of inquiry, which will state the terms of the inquiry and relevant information, and the unit being inquired about will give a reply within a specified period of time.