What are the consequences of mortgage default and how to remedy it
Now the house price is very high, many people will borrow from the bank, and after the loan, we must repay the loan every month. So what will happen if the mortgage is cut off during the loan period? How to remedy it? Let's get to know.
After the mortgage supply is cut off, it will cause certain harm to the lender, such as paying liquidated damages, the real estate is auctioned, generating bad credit records, affecting personal reputation, etc. after these effects, it will cause difficulties for personal follow-up loans. Therefore, we must pay attention to timely repayment and avoid the phenomenon of mortgage supply cut off.
After the mortgage is cut off, we should consider our own economic conditions, whether we forget to pay or are unable to repay. If you forget to pay, you can directly make up the house payment, pay the overdue interest, and promise the bank that there will be no similar situation. If you are unable to repay, you can apply to extend the loan term, apply to the bank to suspend the repayment of the principal, or sell the house, etc.