2. Apply to the bank for suspension of repayment of principal. The borrower can negotiate with the bank and ask to repay only the interest temporarily, not the principal, and then repay the principal after the capital turnover.
3. borrow money from the bank again. Generally, in addition to the first loan, banks will also have two mortgage businesses. If the borrower is really unable to repay and has no funds for the time being, he can apply to the bank for a second loan.
What will happen if the mortgage cannot be supplied?
1, resulting in economic losses: down payment is required to buy a house, ranging from hundreds of thousands to millions. If the buyer defaults, the down payment cannot be recovered. In addition, when buying a house, you need to pay commission, tax and even decoration expenses. If the supply is cut off, these expenses can only be wasted. If the buyer has paid the monthly payment for several months, after cutting off the mortgage, he can't recover the mortgage he has paid before.
2. The bank has a penalty interest: if the buyer fails to repay the monthly payment on time, he will have to accept the penalty interest from the bank. The penalty interest for overdue mortgage is generally higher, and the longer the loan repayment time is delayed, the worse it will be for the borrower.
3. Personal credit information is damaged: in case of default, the bank's personal credit information system will leave a bad record. Defaulters will be blacklisted, and personal credit will be seriously damaged after it is stained. In the future, if you want to apply for a credit card, fly, take the high-speed train, etc. , it will be affected, it is basically impossible to get any loans from the bank, and even your own work will be implicated.
4. Low-price auction of the house: If the mortgage loan cannot be repaid for more than half a year, the bank will apply to the court to repossess the house and auction it at a low price (generally, the auction price will be lower than the market price 10%-20% or more). If sued by the bank, the buyer will also bear the liability for breach of contract, repay all the loan principal, interest, penalty interest and compound interest, and bear the announcement fee, case acceptance fee, preservation fee, execution fee, legal fee, evaluation fee and auction fee. If the auction proceeds are not enough to repay the bank loan, the bank has the right to freeze the borrower's bank deposits or even confiscate personal property (such as other real estate or vehicles); The bank can also bring a lawsuit to the local court and order the borrower to make up for the losses of the bank through various channels until the debtor pays off all the debts.
5. Impact on social reputation: If the buyer defaults on the loan for two consecutive months, the relevant personnel of the bank will come to the door or go directly to the enterprise where he works to ask for payment. Once the supplier's breach of contract is known to his superiors and relatives around him, it will inevitably affect his social reputation. I believe no one wants to get along with a person with a serious lack of credit.