Consequences of non-repayment of mortgage:
1. credit stain: whether the monthly payment is overdue or the credit card is overdue, it may be overdue occasionally. As long as you have a good attitude and explain to the bank in time, there may not be a credit stain, but if it is overdue for many times, the bank will have a record and affect your personal reputation. And it is difficult to remove the credit stain. If you want a loan or credit card in the future, the bank will refuse.
2. The bank is penalized, or even required to repay in advance: if it is overdue for three times in a row or cumulatively, the bank may come to urge it, and some banks may demand penalty interest. If it is overdue for more than 6 times in a row or cumulatively, some banks will even ask the lender to pay off in full in advance, because the lender's credit has not been trusted by the bank, and the bank has the right to ask for early repayment.
3. If it is overdue for many times, the bank will take back the house through legal channels: occasionally overdue may be due to capital turnover or forgetting, but if it is overdue for many times, the bank will reassess the lender's repayment ability. Once it is determined that the lender is unable to repay, the bank will auction back the lender's house through legal channels to make up for the loan amount.
Remedial measures for overdue mortgage are as follows:
1. Pay the arrears in time: if the collateral is overdue, it will be exchanged within the specified time (usually within 7 days) after receiving the bank's short message or telephone notice to avoid further losses.
2. Extend the loan term: If the buyer cannot repay the mortgage as scheduled according to the original repayment plan, he can apply to the bank for extending the loan term. The bank stipulates that the extension of short-term loans shall not exceed the original loan term, the extension of medium-term loans shall not exceed half of the original loan term, and the extension of long-term loans shall not exceed three periods. A few years at most.
3. Apply for deferred repayment: If the buyer cannot repay the loan on time due to changes in the housing loan, he may apply to the loan bank for deferred repayment 30 days in advance. After confirmation by the bank, the mortgage term will be appropriately extended and the monthly payment will be reduced. The extension period can be decided by the borrower, but there is a maximum period, and the extension can only be applied once or twice.
4. Ask for help from relatives and friends: When you are really unable to repay the mortgage, you can ask for help from relatives and friends and try not to default on the mortgage.