If you are unemployed, you can reduce the repayment pressure of mortgage and car loan in the following ways:

1. Apply for extending the repayment period: If you get a mortgage or car loan and lose your job, you can explain the situation with the bank and negotiate to extend the repayment period. After the repayment period is extended, the monthly payment is reduced, which can reduce the repayment pressure;

2. Borrow money from relatives and friends to pay off the mortgage and car loan: The consequences of car loan and unpaid bank mortgage are very serious. You can borrow money from relatives and friends first, promise to pay back later, actively find a job and find a stable source of income;

3. Repayment by selling property: If it is really unable to pay the arrears, if necessary, part of the property under the name should be sold to repay the bank loan, such as houses, cars, jewelry, etc.

For more information about how to get a car loan when you are unemployed, please visit: See More.

What should I do if I lose my job and can't afford the loan?

Legal subjectivity:

If the bank loan is not repaid, the banking institution will take a series of measures as follows: 1. The bank will call the borrower to collect debts. 2. If the borrower still fails to repay the debt after debt collection, there will be a certain penalty interest and a bad credit record for himself. 3. If the borrower still fails to repay the loan, the bank will send relevant staff to collect it in person. 4. If the borrower fails to repay the loan until the end, the bank will take legal measures to protect its rights and interests through law. If the borrower applies for a mortgage loan, the collateral will be auctioned by the court, and then the proceeds from the auction will be used to repay the loan.

Legal objectivity:

Article 577 of the Civil Code: If a party fails to perform its contractual obligations or fails to meet the contract obligations, it shall bear the liabilities for breach of contract such as continuing to perform, taking remedial measures or compensating for losses. Article 578 Where a party expressly expresses or shows by his own behavior that he will not perform his contractual obligations, the other party may require him to bear the liability for breach of contract before the time limit for performance expires.

How can I repay my mortgage if I lose my job?

1, ask relatives and friends to borrow money for emergency, and don't cut off the supply. If you don't repay the mortgage temporarily because of an emergency, you can tide over the difficulties in a few months, then don't rush to sell the house. You can borrow money from relatives and friends first to get through this difficult period. Don't think about cutting off the supply. It's not feasible not to go at that time.

2. Apply to the bank for deferred repayment. If you can't repay the mortgage on time, you can not only borrow money from new friends to tide over the difficulties temporarily, but also submit a written application to the loan bank to extend the loan period. The longest delay period cannot exceed 30 years, so the repayment amount will be much reduced and the repayment pressure will be much less.

3. The owner transfers or sells the house by himself. If you are really desperate and need a lot of money to turn around, this is not just a problem of not being able to pay the mortgage, but a problem of a lot of money. You can take the initiative to consider selling the house. After paying off the mortgage, the remaining funds can be used to tide over the difficulties. Although this is not the most ideal and effective solution, it is much better than not paying the mortgage for a long time, taking the house away by the bank and solving it through court auction or litigation. This is your initiative to sell the house, and the economic loss is smaller.

4. Waiting for the house to be taken away by the bank and auctioned by the court. If you can't afford the mortgage, but you don't have any countermeasures, it's the worst choice to wait for the bank to take away the house and apply to the court for auction of the property. The property auctioned by the court is generally far below the market price, and the owner's economic loss is the greatest. In addition to paying back the mortgage, the house price obtained by auction also has to pay a penalty interest on part of the overdue mortgage.

What if the unemployment mortgage is not paid back due to the epidemic?

1, CBRC: People who have no income due to the epidemic can postpone mortgage repayment. 2, actively looking for a job. You can borrow money from home to pay off the mortgage first. 4. You can borrow money from relatives to repay the mortgage first. 5. You can borrow money from friends to pay off the mortgage first. 6. Return the borrowed money in time.

Legal basis:

Notice on further strengthening financial support for prevention and control in novel coronavirus. For those who are hospitalized or isolated due to new pneumonia, those who need isolation due to epidemic prevention and control, those who participate in epidemic prevention and control, and those who temporarily lose their source of livelihood due to the epidemic, financial institutions should appropriately tilt their credit policies, flexibly adjust personal credit repayment arrangements such as housing mortgage and credit card, and reasonably postpone the repayment period. Personal business guarantee loans infected with new pneumonia can be extended for one year and continue to enjoy financial discount support. Financial institutions should give priority to customers infected with new pneumonia or damaged by the epidemic, appropriately expand the scope of responsibility and make full compensation, but the relevant situation should be determined according to the actual repayment situation and repayment method.