Can the supply be cut off directly if the house price is reduced?
Now there are still people who say that they will stop the supply if they can't afford the monthly payment, and those who cut off the supply must regret their deaths. Because the loan is a recourse mortgage. Let's take Mr. Dai from a real estate in the South Fourth Ring Road as an example, he bought a house in 2020 with a total price of 1.4 million yuan, with a down payment of 280,000 yuan, a loan of 1.12 million, and the monthly payment this year has added up to 250,000 yuan.
Note that at this time, the loan he owes to the bank is not 1.12 million, and the monthly payment has been repaid by 250,000 equal to 870,000, because 140,000 of these 250,000 is the interest of the loan, so he should also owe the bank 1.12 million, minus 110,000 equals 1.01 million, and this house is only worth about 950,000 on the market. As soon as he calculated the account, even if the 280,000 down payment and 250,000 monthly payment in front of him were recognized.
Now that the house has been sold for 60,000 yuan, it is too much to pay off the remaining mortgage, and it is too much to continue to repay the mortgage, so he chose to cut off the supply. I thought that the bank would take this apartment away and take it as a mortgage, but what I didn't expect was that the bank also sued him. The court ruled that he must pay off the loan behind, and also pay another 90,000 yuan in lawyer fees and litigation fees, etc., and here it must be understood that the implementation is a recourse mortgage.
Under this system, if the house is sold or the mortgage cannot be repaid, the bank has the right to require the lender to use other assets to repay the loan, such as a car, a house, a bank deposit, etc., which must be used to repay the loan. What if none of these assets are available? It doesn't matter, it's okay to repay it slowly in the future, but every penny earned in the future must be used to repay the loan in addition to the basic living security, which is called the debtor's limit on sales.
If you want to stop the loss in time, you should quickly find an agent to sell the house, rather than let the court take your house to foreclosure, and the bank will also collect the debt and sue for more than worth the loss. So don't cut off.
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