What if the mortgage is off?
1. Request to extend the repayment period. Most property buyers will choose 10 ~ 20 years repayment period when they borrow money. If they encounter financial difficulties in the repayment process, they can apply to the bank to extend the loan period. But this method still needs to be negotiated with the bank. Banks will comprehensively consider the lender's age, working ability and economic ability. Only when the conditions are met will the bank agree to relax the loan term limit.
2. Seek external financial help. If you really can't repay, you can borrow from friends or apply for short-term loans from lending institutions to alleviate it. Generally, there are mortgage loans. If there is no overdue record of normal repayment, the lending institution will issue a certain amount of loans to each borrower. This is a credit loan with low interest.
3. Request to suspend repayment of principal. If the property buyers can't repay the bank loan for the time being, they can negotiate with the bank and demand that they only repay the interest and not the principal in the short term. Of course, the premise is that you must prepare the relevant information of the loan, and then explain in detail the situation that the individual can't repay the loan at present, waiting for the approval of the bank. If there are other assets in the family that can provide strong proof of assets, it is easier to get approval from the bank.
4. borrow money from the bank again. In fact, in order to meet the needs of customers, many banks have launched "financial mortgage" to facilitate mortgage customers to lend their repaid mortgage loans for use. However, the interest rate of the loan amount is a little higher than the mortgage interest rate. Although the interest rate is relatively high, it is still cheaper than the general unsecured credit loan interest rate, so it is quite popular with mortgage customers.
5. Sell the house voluntarily. If the financial ability of the buyers can no longer afford the mortgage, then they can only suggest selling the house. Need to remind buyers that the house that is still mortgaged is not easy to change hands, because the debtor is still a bank and the house is still mortgaged in the hands of the bank.