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No one wants to have an overdue mortgage, but it is inevitable that you will encounter times when funds are tight in life, which will lead to an overdue mortgage. . So what are the consequences of being 5 days overdue on your mortgage loan? What should I do if my mortgage is overdue? Next, the editor will introduce the relevant content to you, let’s take a look.

What are the consequences of 5 days overdue mortgage loan repayment?

1. A 5-day overdue mortgage loan will affect your personal credit report. Bad records will be reported on the credit report and will be kept for five days. Years, no loans can be processed during this period.

2. As long as the mortgage is overdue, corresponding late fees and interest will be incurred. No matter what the reason is for overdue mortgage payments, you will immediately receive a reminder notice from the bank. Different banks will also charge penalty interest based on relevant regulations. Basically, they will charge an additional 30-50% on the original loan interest rate. However, the bank will have a 7-day repayment period. As long as the mortgage is paid within 7 days, no late payment fees will be charged. If it exceeds 7 days, penalty interest and late payment fees will be charged.

What should you do if your mortgage is overdue?

1. If you cannot repay on time, you can first apply to the lending bank to extend the repayment period, but the application for a loan period cannot exceed the original loan period. , and there is only one chance to apply for extending the loan period.

2. When you are unable to repay the mortgage, you can first find relatives and friends to transfer funds. To solve the temporary mortgage problem, try not to be overdue. The consequences of being overdue are very serious. If it is overdue for a long time, the house may be auctioned by the bank.

3. If you are unable to repay the mortgage for a long time, you can choose to sell the house and find an intermediary company to advance the remaining balance of the mortgage. After selling the house, use the proceeds from the sale to repay the loan from the guarantee company. , this will make your losses smaller.

Article summary: The above is what the editor has introduced to you about the consequences of 5 days overdue mortgage repayment and what to do if it is overdue. I hope it can help some friends in need. If you want to know more information, please continue to pay attention to Qijia.com.

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