What are the consequences of overdue mortgage repayment 10 days?

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Because the current house price is too high, most people choose to buy it in the form of loans. As long as they pay the down payment, they can repay the mortgage on time every month. The repayment time of mortgage is similar to that of credit card, which requires that the mortgage of the current month must be repaid before the specified time every month. However, some people forget this because of work reasons or family affairs, which leads to overdue mortgages. What are the consequences of overdue mortgage repayment 10 days? Let's have a look.

What are the consequences of overdue mortgage repayment 10 days?

The consequences of overdue mortgage repayment 10 days may affect personal reputation, and bad records will be kept at the meeting for five years. During this period, no loans can be made. Generally speaking, overdue repayment for more than 7 days will result in corresponding late payment fees and penalty interest, and the interest will generally be charged 30%-50% on the basis of the original loan interest rate, so the mortgage must be repaid on time to avoid unnecessary troubles.

What if the mortgage is overdue?

1. If the repayment cannot be made on time according to the original repayment plan, it is recommended to apply to the bank for extending the loan term. As for the extension time, the bank also stipulates that the extension period of short-term loans shall not exceed the original loan term, the extension period of medium-term loans shall not exceed half of the original loan term, and the extension period of long-term loans shall not exceed three years.

2. If the buyer cannot repay the loan on time for some reason, it is recommended to apply to the relevant bank for an extension 30 days in advance. After the bank verifies that it is correct, it will appropriately extend the mortgage term and reduce the monthly payment. At present, you can apply for many bank loans. When the borrower cannot repay the loan, he can temporarily explain the situation to the bank and apply for deferred repayment. The extension period can be decided by the borrower, but there is a maximum period limit, and the extension can usually only be applied once or twice.

3. In the case that it is really impossible to repay the loan, it is recommended to ask friends and relatives for help to temporarily solve the current predicament, and there must be no mortgage default, because if there is a long-term default, the house is likely to be auctioned.

Summary: Well, that's the introduction about the consequences of overdue mortgage repayment 10 days. I hope I can give you some help. I believe that friends will feel more at ease in the process of overdue mortgage repayment 10 days and get their own satisfactory answers.

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