What to do if you are unable to repay your mortgage?

1. Apply to the bank for a repayment suspension

Some people may have family financial stress due to reasons such as unemployment. You can apply to the bank to suspend repayments, but this suspension of repayments can only be suspended for a few periods. Moreover, only the principal repayment is suspended first, and the monthly interest will still be paid. But in this case, the pressure can be relieved a little. Take advantage of this time to find a job quickly, find ways to make money, and pay off your mortgage.

2. Apply to the bank to extend the loan period

In addition to suspending repayment, you can also apply to extend the repayment period. Although the interest cost will be higher, the monthly stress will be much less. You can see that the monthly repayment burden of a 30-year term is 1k less than that of a 20-year term, which can also relieve the family's financial pressure.

3. Legal basis:

Article 675 of the "People's Republic of China and Civil Code" stipulates that the borrower shall return the loan within the agreed time limit. If there is no agreement on the loan period or the agreement is unclear, and it cannot be determined according to the provisions of Article 510 of this Law, the borrower may return the loan at any time; the lender may urge the borrower to return the loan within a reasonable period of time.

Article 676 of the "People's Republic of China and Civil Code" stipulates that if the borrower fails to return the loan within the agreed time limit, he shall pay overdue interest in accordance with the agreement or relevant national regulations.

Please click to enter the picture description (maximum 18 words) What should I do if I can’t repay the mortgage loan?

If you are unable to repay the bank loan when it expires, you can negotiate with the lending bank to repay it in installments or apply for a court ruling to repay it in installments. repay. If the repayment is still refused after negotiation or court ruling, the court shall enforce the repayment in accordance with the law. \x0d\Article 108 of the General Principles of Civil Law Debts must be paid off. If the debt is temporarily unable to repay, the debtor may repay it in installments with the consent of the creditor or the ruling of the people's court. If one has the ability to repay but refuses to do so, the People's Court shall make a judgment to force repayment. \x0d\Consequences of non-repayment of real estate mortgage loan:\x0d\If you fail to repay once, the bank will notify you by phone or text message and remind you to repay on time, and penalty interest will be incurred. \x0d\If you fail to repay the loan three times in a row, the bank account manager will initiate collection and penalty interest will also be incurred. \x0d\If the number of overdue payments reaches more than 6 times, your property may be frozen during this period. \x0d\If the negotiation between the borrower and the bank fails, the bank will proceed with the auction of the mortgaged property through legal procedures. What should I do if I can’t repay my mortgage?

1. If it is just short-term capital turnover, you can actually borrow money from relatives and friends, and then return the money to them after you are out of trouble.

2. If the financial problem is serious and it will take half a year or more to solve, loans alone may not be enough. At this time, you can try to apply for a deferral of repayment from the bank. In particular, some users have a mortgage term of only 10 years and are under heavy monthly payment pressure. Can they apply to change the loan term to 20 years? It is easy for them to bear the pressure.

3. Transfer or sale of house. If the funding problem has not been resolved and the mortgage has not been repaid, the bank has the right to auction the house. Before that, users can transfer or sell their houses to repay the principal and interest of the bank's remaining mortgage loan.