At present, most property buyers will choose loans to buy houses, and the mortgage time is generally 10-30 years. In such a long time, many friends will inevitably be short of money and even forget to repay the loan. What will happen if the mortgage is not on time? What will we face? ? Let's take a look at the relevant knowledge right away.

First, what will happen if the mortgage is not on time?

If the first mortgage is not repaid on time, the bank will notify the buyers by phone or SMS; If you don't repay the loan on time for three times in a row, the bank account manager will make a dunning, and the buyers will be punished; Accumulated more than six times: the lawyer of the bank will communicate by phone, and the property will be frozen by the bank. If the two sides fail to negotiate, the bank will go through legal procedures and auction the house.

Second, what are the hazards of not repaying the mortgage on time?

1, economic loss

If the mortgage is not repaid on time, the mortgage will be cut off, so that the down payment, taxes, maintenance funds, monthly payment and other expenses of buying a house may not be recovered. Moreover, banks will also impose penalties on property buyers, and the penalties for overdue mortgages are relatively large. The longer the supply is suspended, the higher the fine will be.

2. Credit information is damaged.

Once the supply is cut off, it will be automatically recorded in the credit information system, and it is almost impossible to borrow money or apply for a credit card. Even taking high-speed trains, airplanes, etc. will be affected.

3. House auction

If the buyer fails to pay the remaining loan, the bank can only auction the house at a low price. Once sued by the bank, it may also bear liquidated damages and repay all remaining loans and litigation costs. If the amount of the house after auction is not enough to repay the bank loan, the bank will freeze your bank property, even your personal property. Finally, we will make up for the loss through various channels until the defaulter pays off all the debts.

Conclusion: The relevant knowledge about mortgage is introduced here for everyone, hoping to help everyone. Advise friends to do what they can when buying a house. The reasonable state is that the monthly payment accounts for less than 1/3 of the total family income. If you accidentally encounter an emergency, it is definitely not wise to cut off the supply and abandon the house. At the same time, try to avoid losing your credit information, otherwise it will be very troublesome to deal with the bank later.