How long is the mortgage overdue?

Generally speaking, banks will send text messages or call borrowers about a week after the mortgage is overdue, asking them to pay off their debts as soon as possible. If the bank fails to repay the loan after repeated collection, and the overdue time exceeds three months, then the bank has the right to bring a lawsuit to the court, and the overdue record will also be recorded in the credit report. Remind the lender who buys a house that he must treat the loan to buy a house rationally and cherish his credit.

What are the consequences of overdue mortgage repayment?

1. Bad personal credit record

Loans overdue will have overdue records. Even if the debt is paid off, the personal credit report will still show the facts of loans overdue. The next time you want to apply for a credit card or a loan, it will be affected. If there are too many overdue times, all kinds of loan finance business can hardly be handled. Long-term arrears will be blacklisted, and even small loan companies with low thresholds cannot apply for loans.

2. There will be penalty interest and late payment fee.

If the mortgage is overdue, the bank will call or SMS to remind the borrower to repay. There will be a penalty interest for overdue repayment. The penalty interest of different loan banks is different, which is basically 30%-50% higher than the original loan interest rate. Generally speaking, the bank will give you seven days to make up the arrears. If all the repayable funds can be made up within seven days, there will be no late payment fee. But after 7 days, the bank will charge a penalty interest and a late fee together.

3. The risk of seizure of mortgaged property

General banks will set a default clause in the mortgage contract, requiring the borrower to repay all the loan principal and interest in one lump sum if it is overdue for three consecutive times or six times in total. If the buyer's mortgage has not been repaid for more than 3 months, the bank will bring a lawsuit to the court according to the loan contract and guarantee contract. The court will take measures such as property preservation, freeze deposits in all bank accounts of lenders and guarantors, and seal up pledged property.

4. Life is affected and travel is restricted.

When personal loans rise to the level of legal proceedings, the situation will become very serious, not only facing the risk of repayment, fines, dishonesty, but also affecting your daily life, such as buying train tickets, plane tickets may be rejected, and you can't go abroad. And will be blacklisted. In this era, without credit, it is really difficult to move.