If you don't repay the mortgage, the bank will upload this bad credit record, which will affect your future loan or credit card application.
Finally, if it is not returned for a long time, the bank may bring a lawsuit to the court. If you still don't have the funds to repay the mortgage, the bank will auction your house to get the funds to repay the loan. If the funds after the auction are still insufficient to repay the debt, then the bank will freeze all your property and you still need to continue to repay the debt.
Specifically:
1. If the mortgage loan is not repaid, you will be punished by the bank. If your mortgage loan is not repaid, the bank will impose a penalty interest on you according to the loan contract. If you don't want your property to be auctioned, but you have to accept the penalty interest from the bank and continue to pay the mortgage, then you can only give the money to the bank for nothing. And in the end, if you still can't continue to repay the mortgage, the property will be auctioned by the bank because of default. Then, your money is really wasted; Such a loss is also a large sum.
Second, the auction is not enough to offset the bank mortgage. You still need to make up the arrears. If your house is auctioned, the money you get is still not enough to offset the total amount of principal and interest plus penalty interest generated by bank mortgage. Then, you may need to make up what you owe the bank. After the settlement, the money you need to pay to the bank may be far more than the mortgage you get from the bank.
Third, other expenses paid when buying a house are also given for nothing. When buying a house, we have a lot of formalities to do and a lot of expenses to pay; For example, buying a house requires a down payment, deed tax deposit and decoration payment. Therefore, if the mortgage default causes the property to be auctioned by the bank, then the money is equivalent to nothing.
Fourth, personal credit information is damaged. What you are doing now is to do personal credit reporting; Even if you take the high-speed train or fly, you may not be able to buy tickets because of your poor personal credit record; Not to mention personal loans, bank loans, mortgage loans, car loans and corporate loans.