Mortgage the house, how long will the bank take the house away for auction?

Nowadays, houses have gradually become a necessity in people's lives, and more and more people borrow money to buy houses. I believe many friends who have mortgages want to know, if one day their mortgages are broken, will the house really be taken away by the bank? Generally speaking, houses are personal property, not bank property, so banks will recover their property by abusing lynching every month. But when you apply for a mortgage, you have established a debt relationship with the bank. The bank is your creditor, and you must pay your debts. Therefore, although the bank has no right to dispose of your house privately, it can apply to the court to seal up your property and then auction it publicly. The proceeds from the auction will be used to repay the principal, interest, liquidated damages and legal fees you owe to the bank, and the rest will be yours. If the auction fails to repay the debt, then you still owe the bank money.

How long was the mortgage interrupted and the house was auctioned? Under normal circumstances, if you fail to repay the loan for more than three months in a row, or have overdue records for more than six times in a year, the bank will start to apply to the court for sealing up your property. After being sealed up, you can negotiate with the bank. If the loan is not repaid for more than six months after being seized, it will basically enter the auction. The proceeds from the auction are used to repay the mortgage. If the auction money is not enough, your house will not only be taken away, but also continue to pay the mortgage. Some friends may say that I only have one suite, which is the property to support my family. Will the court auction? The answer is yes. If twenty years ago, the debtor's house was the only necessity to support his family, then the debtor's house could only be sealed up and could not be auctioned.

Don't blindly apply for a loan to buy a house. Because after applying for a loan, I was under great pressure. Once I can't repay the loan normally later, there will be a breach of contract, which will be very serious. Generally speaking, if the lender fails to repay the loan for more than six months in a row, the bank will recover or even dispose of the collateral through litigation.

If the first loan is not repaid, the bank will inform you by phone or SMS. However, if the loan is not repaid for more than three consecutive times, the bank account manager will directly demand payment and deduct the loan applied by the borrower. If there are more than six outstanding loans, the bank will solve them through legal channels. At that time, the bank's lawyer will call to remind the borrower of the consequences of not paying back on time, during which the borrower's mortgaged property will be frozen. Subsequently, the bank will negotiate repayment with the borrower. If the borrower fails to repay the loan after negotiation, the bank will auction the property through legal procedures, and the guarantor will bear joint liability for recovery. Borrowers must remember that supply interruption has a very serious impact on individuals. In this way, the borrower's credit record will be tarnished by major banks and blacklisted, and he will not be able to apply for loans in the future. Even if the loan is replenished later, the credit stain will follow the borrower for five years.

For those who really can't repay the loan, they should take the initiative to sell their property before the bank sues the court, which is usually much higher than the auction price. Of course, if it is really difficult to repay the loan, the borrower can also apply to the bank for an extension in advance. The impact of mortgage interruption on individuals is very serious.