If I can't pay off my mortgage, what are the consequences of cutting off?
When browsing on the Internet today, I found that there are more foreclosure houses in Shilin, so I want to talk to you, if I can't continue to repay the mortgage, what will happen after the supply is cut off?
Let's start with a real case. The next door Lao Wang was unable to repay the mortgage, and finally cut off the supply, and as a result, he was sued by the bank, not only the house was seized, the bank account was also frozen, and even the money in WeChat and Alipay was also affected.
At the beginning, Lao Wang bought a house for 1.6 million yuan, with a loan of 1.2 million yuan, a loan term of 20 years, and a down payment of 400,000 yuan. At that time, the interest rate was not high, and the monthly repayment amount was 7462 yuan. The loan has been repaid for one and a half years, with a total repayment of 134,000 yuan (13.4-7.6 = 58,000 principal repaid). Of this, 130,000 is interest. After the interruption of the supply, it will also face various expenses such as liquidated damages, penalty interest and property preservation fees. The proceeds from the auction are not enough to repay the amount owed by the bank ($1.2 million minus $58,000, or $1,142,000), as the bank still owes $1,142,000 in principal.
In addition, do not forget that at that time, a down payment of 7.4 million yuan was paid, plus 76,000 yuan in interest for one and a half years, and liquidated damages, penalty interest and other expenses after the loan could not be repaid, which required about 50,000-60,000 yuan. Therefore, he not only had his credit affected, his house was gone, and he also lost six or seven hundred thousand yuan in vain.
For ordinary people, this is not a trivial matter, so you must think clearly when buying a house, and do not be greedy to buy a house that exceeds your financial ability. Otherwise, the consequences are unimaginable.
Shilin Noah Real Estate, professional service to your real estate needs. If you need to buy, sell or rent a house in Stone Forest, please contact Stone Forest Noah Property.
