For China people, buying a house is a major event in life. Due to the economic situation, many people will not choose to pay in full, but generally use loans to buy a house. And house prices are also ups and downs. If you are lucky, house prices will go up; if you are unlucky, house prices will go down. In any case, when we buy a house and prepare to apply for a mortgage loan, the property right has actually been handed over to the bank. If you default on the loan, the bank has the right to dispose of your house.
Most banks auction your house. For example, if you bought this house at a price of 6,543.8+0,000, and you paid a down payment of 300,000, then the value of this house is currently only 700,000. At the time of auction, the price of the house will definitely be much lower than that of the real estate agent, usually with a discount of about 20%. In the end, there are only more than 500,000 houses that may be auctioned.
For the bank, they will use this part of the money to fill the loan you owe, and you still owe the loan, so you must continue to repay the loan to the bank. It can be said that the money is gone and the house is gone, which is not worth the loss. Moreover, basically no one will choose to cut off the supply, only a fool will do so, because the impact of cutting off the supply is very serious. Not only will you buy a house in the future, but the bank will not lend you any more. No matter what you do, the bank will not lend you any more. It can be said that you have entered the blacklist of the banking system.
Buying a house is definitely a big ups and downs. Bad luck, you can only grit your teeth and stick to it.