Children can help their parents repay the mortgage. Generally speaking, the source of funds is not required to repay the mortgage. As long as the source is legal, the children only need to deposit enough funds into the bank card of their parents’ mortgage. Help parents pay off their loans. Although this can help parents repay the loan, the parents are still the main debtors, and the mortgage will not become a debt for their children.
The consequences of an overdue mortgage loan
1. Penalty interest.
Usually when a loan cannot be paid off on the interest payment date, the bank will temporarily list it as a collection payment and call the borrower within 7 days to remind the borrower to pay. If the loan is made up within 7 days, the bank will not Charge any late fees. However, if the payment is not made for more than 7 days, the bank will classify the loan as "collection" and "delayed payment", and you will have to pay late payment fees or penalty interest. Each lending institution has different penalties. For example, Citibank's penalty is 50% interest added to the original interest rate.
2. Add to the blacklist and enter the bad credit file.
The day after the loan is overdue, the lender's name will appear in the bank's internal system, and a bad record will inevitably be left on the credit report. If you have not paid for more than 3 months, it is very serious. The borrower will have a bad credit record on the Joint Credit Information Center, commonly known as "blacklisted", and may be retained for more than 3 years.
3. Affect future loans and credit card applications.
As long as you enter the blacklist, your mortgage and car loans will be affected. Penalty interest is only a monetary loss, while a bad credit record is a loss of intangible assets, the impact of which cannot be compensated by money.
4. Unable to enjoy loan discounts.
For mortgage loans, if there are many overdue repayment records in the past loan records, even if you are not on the blacklist, in addition to the penalty interest for late repayment of the mortgage loan, you may not be able to successfully obtain a bank loan. Great interest rates on home loans and even being rejected for new home loans.
5. Unable to fly, high-speed rail, or drive a car, and their children cannot attend aristocratic schools.
For persons subject to execution who refuse to implement court judgments and rulings, once they are blacklisted, they will not be able to fly, their children will not be able to go to high-cost schools, and they will not be able to serve as the legal representative of a new company. "There will be more punishments in the future, and it can be said that life will be difficult to move forward."
6. It may affect personal career.
For students whose student loans are overdue for more than 90 consecutive days, the bank or school may publish the name, photo, ID number, and overdue information in the media, and may also notify the employer, and the bank may also Will prosecute.
7. Sued by the bank and executed by the court.
If sued, the court will take property preservation measures based on the creditor's application, freeze the deposits of the lender and loan guarantor, and seize real estate, vehicles and other corresponding properties. After the judgment is made, it will be enforced in accordance with the law.
8. Those who commit serious crimes will be punished by law until they are sentenced.
If you have the ability but refuse to execute a valid legal document, the person subject to execution will be subject to legal sanctions, including judicial detention and up to criminal liability.