What happens when the mortgage is overdue for three days?

The effects of three-day overdue mortgage are as follows: (1) The overdue credit records, even if settled, will remain in the credit records for five years before being deleted; Overdue interest shall be calculated on a daily basis. The longer the overdue time, the more overdue interest will be generated. You will also encounter bank SMS collection. If it is overdue for 3 days, the bank will send a text message to the customer. If it takes longer, it will ask for collection.

1. The longer loans overdue lasts, the more serious the consequences will be. As long as you don't repay the loan, the bank will keep calling to urge you to repay the loan and let us repay the loan as soon as possible. If you don't repay within three months, it will definitely be recorded in our credit report.

2. The most serious banks may be ready to sue. Once the bank sues, our mortgage contract may be terminated by the bank in advance, so we need to pay off the remaining loans and the liquidated damages arising from overdue repayment in one lump sum. If the borrower has no money to pay back, the bank has the right to take back our house and auction the loan.