Mortgage default
As shown at the beginning of the article, Mr. Chen's case is a typical one. Generally speaking, if the borrower fails to repay the loan for more than six months in a row, the bank will take legal measures to protect its rights and interests, or recover the loan principal and interest in advance, or auction the collateral, with quite serious consequences. In order not to get into trouble, the borrower had better repay on time and establish a trustworthy image.
(2) The purpose of the loan is unknown.
When a borrower applies for a loan, he will generally inform in writing whether it is allowed or not. For example, consumer loans can be used for tourism and shopping, but not for business and investment, otherwise the money already obtained may be recovered.
(three) unable to submit financial information.
This situation generally occurs in commercial loans. Many lenders don't realize that getting a loan is not the end. You need to cooperate with the bank to pay a return visit and submit normal financial information such as operating flow, tax bills, statements, etc. This is also the obligation of the borrower. Once the bank finds that the borrower's cash flow is abnormal, does not cooperate with the bank's inspection and does not provide financial information, it will automatically open the risk early warning mechanism and recover the loan in advance.
(4) Collateral is sealed up.
This situation generally appears in mortgage loans. The borrower was involved in the lawsuit and the collateral was seized by the court. In order to avoid risks, the bank will let you release the seizure or resubmit the equivalent collateral within a limited time. If it fails, the bank will recover the loan in advance according to the loan contract.
Getting a loan is a gratifying thing. Xiaorong hereby reminds all borrowers that they must repay on time and act according to regulations. Don't be smart because of penny wise and pound foolish, which will lead to the bad consequences of the loan being recovered in advance.