You can postpone the mortgage payment, but you cannot extend the mortgage payment on your own initiative. If you are temporarily unable to afford the mortgage, you need to contact the bank first and explain the reason for the postponement. Generally, the bank will agree. If it has been extended, it is best to contact the bank as soon as possible to avoid the bank counting it as overdue.

Notes on applying for mortgage extension

1. The maximum loan period shall not exceed 30 years:

During the performance of the original mortgage contract, if the borrower cannot If you repay the loan on time according to the repayment plan, you can submit a written application to the lending bank to extend the loan period. After approval by the lending bank, you will sign a personal housing loan deferred repayment agreement and go through the relevant procedures. At the same time, the guarantor will sign the deferred repayment agreement.

The borrower can only apply for a loan extension once. The sum of the original loan period and the extended period shall not exceed 30 years. When the original loan period plus the extended period reaches the new interest rate grade, the loan will be extended from the extension period. From now on, loan interest will be calculated based on the new term grade interest rate. Interest already accrued will not be adjusted.

2. Mortgage extension needs to be applied in advance:

If the borrower needs to defer the mortgage repayment, he must submit a written application for loan extension 5 days before the loan expiration date, which will be approved by the handling bank. The procedures shall be reviewed and approved, and the written consent of the guarantor, mortgagor and pledger shall be obtained (if otherwise provided in the contract, the contract shall prevail).

Since each bank has different regulations on mortgage extension, please consult the relevant bank for specific information.

What to do if the mortgage loan cannot be repaid

1. Try hard to save yourself. If you have temporary financial difficulties caused by being fired by your boss or resigning, etc., don't be discouraged. Everyone has troubles at work. If you are not happy in this job, just find another one. Maybe you will find that The new job suits you better. In short, think about your family and the heavy responsibilities you have on yourself, adjust your mentality as soon as possible, regain your strength, work hard to find a good job, and strive to resume mortgage repayments.

2. Ask relatives and friends for help. If your business ability is really limited and you are unable to find a suitable good job in the short term, and you are unable to "self-rescue" to meet your monthly payment, don't just give up and have the courage to try and raise funds from relatives, friends and colleagues around you. If you want to save some emergency funds, tell people truthfully about your current difficulties, maybe you will get their support and help.

3. Ask the bank for help. If you are no longer able to repay your monthly payments on time, you can send a signal to the bank for help. As long as there is no malicious default on the loan, the bank will generally fully consider the current situation of the borrower and humanely open a path for you to help you solve your urgent needs. The olive branch that the bank extends to you is that you can apply for a deferment of loan repayments. Of course, first of all, you must submit a written application to the bank that lent you the money, requesting the bank to extend the loan period for you.

4. Transfer or sell the house. The house you buy is transferred and sold, and the funds obtained from the transfer or sale of the house are used to repay the mortgage loan. The premise is that you must obtain the consent of the lending bank before taking this method. After you transfer or sell the house, the repayment obligations will continue to be met by the new purchaser. This method has more initiative than being auctioned by the bank, and the economic losses will be much less.