What should the bank do if the mortgage cannot be repaid?

What should the bank do if you can't repay your mortgage loan?

1. If you fail to repay your mortgage loan on time for the first time, the bank will remind you to repay your mortgage loan on time through a phone call or text message;?

2. If you fail to repay on time for more than three consecutive times, the bank staff will call you directly to remind you, and the loan you applied for will be subject to penalty interest;?

3. If the repayment is not repaid on time for more than 6 times in total, the bank will directly resolve it through legal channels. The lawyer will call you to remind you of the consequences of not repaying on time, and your mortgage will be frozen. The bank will then negotiate with you regarding future repayments. If you fail to repay the loan in time after negotiation between the two parties, the bank will auction the property through judicial procedures. If there is a guarantor, the guarantor will be held jointly and severally liable. 2. What are the dangers of cessation of mortgage payment? 1. The cessation of payment means that the borrower fails to repay within the specified period, that is, overdue repayment. The same is true for mortgage loans. Once the borrower fails to repay the loan in time, it will become overdue. In this situation, if you fail to repay for many consecutive months, it will affect your personal credit record. It will be more difficult to apply for a credit card in the future and get a loan. 2. If the borrower fails to repay the loan on time, in addition to the need to make up the payment, he will also face penalty interest. If the borrower signed a loan contract when applying for the loan, if the owner of the property fails to repay the monthly payment on time, according to The provisions in the loan contract will result in penalty interest. 3. When the payment is cut off and the legal process begins, the bank will apply to the court for an auction of the property. The money obtained from the auction by the court must first deduct various expenses incurred, such as case acceptance fees, announcement fees, preservation fees, execution fees, etc. Appraisal fees, auction fees, etc. will then be used to repay the bank loan and penalty interest. The owner of the property may not receive a penny, and may also face additional liability for repaying the bank loan. Nowadays, house prices are on the high side. Naturally, many people purchase houses through mortgage loans. At this time, you only need to bear the down payment of the house, and you can go to the bank to apply for a loan for the remaining house payment. However, after the home buyer repays the loan every month, it is actually easy to be unable to repay the loan. In order to avoid such a situation, banks often first understand the home buyer's personal repayment ability when applying for a home loan. analyze.