If the property buyers can't repay the mortgage on time due to accidents, they can apply to the loan bank for loan extension 30 days in advance. After verification, the bank will appropriately extend the mortgage term and reduce the monthly payment.

Under normal circumstances, if you don't pay your mortgage on time, the bank will call and write to urge you to pay it back. And there will be late fees during this period, which will accumulate more and more. If you don't repay the loan, the bank will come to your house or send you a lawyer's letter, and then dispose of the house according to the relevant provisions of the contract terms, such as auction.

If the house purchased by the lender has not been mortgaged in the housing management department, the loan bank will ask the developer to assume the guarantee responsibility according to the loan contract when you have not paid back for three consecutive months or six months. After the developer repays the remaining loan for you, the developer will repossess the house or auction the house according to the guarantee law.

In this case, your economic loss is great, because the price of the house recovered or auctioned is often lower than the price when you first bought the house, and most of the loans you start to repay every month are interest, which means that you haven't paid back much principal, so the result is that after recovery or auction, you may have little left.

Therefore, if the mortgage is not repaid, banks and developers have the right to auction your house! In addition, the bigger disadvantage is that your credit in the bank will have a bad record. Once marked, it may be kept for 3 to 7 years. If you want to borrow from other banks in the future, it may be difficult to apply because of bad credit.