After the mortgage is overdue, banks usually deduct money immediately. This is mainly because as long as the borrower fails to repay in full on the repayment date, most banks will generally deduct money on a daily basis from the next day until the arrears are fully recovered. Therefore, as long as the borrower transfers money to repay the loan, the banking system will generally find out immediately and will naturally deduct the money soon.

Consequences of overdue mortgage repayment

1. Personal credit information is damaged, which will affect the handling of various loans in the future.

Once the mortgage is overdue, the lender will see your overdue repayment record. If it is a strict bank, even if you are only one day overdue, the bank will enter the overdue information into the central bank's credit information system. Once the overdue records enter the credit information system, it will have a serious impact on users' application for credit cards or loans in the future. Even if they can get loans, the loan amount will be greatly reduced.

2. Generate corresponding penalty interest and overdue fine.

No matter what the reason, as long as your mortgage is overdue, the bank will call to remind the borrower to repay, and as long as the repayment is overdue, there will be a penalty interest. The penalty interest of different loan banks is different, which is basically 30%-50% higher than the original loan interest rate.

3. Be sued by the bank.

Banks will set default clauses in mortgage contracts. If the loan is overdue for three consecutive times or six times in total, the borrower is required to repay all the principal and interest of the loan in one lump sum.

If the user's mortgage has not been repaid for more than 3 months, the bank will bring a lawsuit to the court according to the loan contract and guarantee contract. The court will take measures such as property preservation, freeze deposits in all bank accounts of lenders and guarantors, and seal up pledged property.