If the economic situation deteriorates, enterprises have difficulties in production and operation, house prices fall, or many people are unemployed, there may be a large-scale mortgage default.

because mortgage default will have a great impact on personal credit, and in a market economy society, credit is extremely important to individuals. Therefore, under normal circumstances, no one will choose to cut off the mortgage. Even if there is a little difficulty, it is not worth the loss to pay off the mortgage. If the mortgage is broken, it will become a faithless person, and will be restricted to take high-speed trains, planes, and other possible consumption restrictions and penalties.

1. Reasons for mortgage default

If mortgage default occurs, it must be that the mortgage borrower has great economic difficulties. Or unemployed, unable to repay the mortgage on a monthly basis; Or the house price has plummeted, and the loss of mortgage repayment is too great. I would rather not have a house than pay the mortgage again.

Generally, large-scale mortgage default occurs when there are systemic risks in macro-economy. For example, before and after the Southeast Asian economic crisis in Hong Kong in 1998, there were many people with negative assets, and a large proportion of them were unable to continue to repay their mortgages.

according to the statistics of RealtyTrac, an American real estate data company, after the subprime mortgage crisis in 2118, more than 2.66 million houses in the United States were repossessed by banks and entered the auction process. And this number is increasing every quarter. It is conservatively estimated that at least 211,111 families are forced to live on the streets every month.

after the American financial crisis in p>2118, China's domestic economy was also greatly affected, especially in Shenzhen, a city with a large proportion of exports. With the short-term sharp drop in house prices, many people in Shenzhen defaulted on their mortgages.

Second, the case of mortgage default

-"The house was sold for less than 2 million yuan, but it owed the bank a loan of more than 3 million yuan."

at the beginning of the year, Mr. Wang bought a one-bedroom house with a mortgage of more than 1,111 square meters, with a price of more than 31,111 yuan per square meter. But now, the price of newly opened real estate is only 17888 yuan, a drop of over 41%. After paying the monthly confession for six months, Mr. Wang decided to cut off the confession. Mr. Wang said that the house was sold for less than 2 million yuan, but he owed the bank a loan of more than 3 million yuan.

-"Everyone is worried about the consequences of default. The bank and I are innocent." In February this year, Zhang only paid 11% down payment of more than 211,111 yuan, and then bought a house with one room and one living room. Since then, the price of newly launched real estate has plummeted. "Now the house doesn't match the price. I think this is a kind of deception. Everyone is worried about the consequences of the default, and the bank and I are innocent. "

-"Last year, I spent 1.8 million yuan to buy a house in the first phase. According to the price of the third phase, it is only worth 1.2 million now." In 2118, an owner in Shenzhen issued such a lament at the forum. The owner, whose book loss has reached as high as 31% in the decline of the housing market, said: "The best way to reduce the loss is to immediately cut off the supply and let the bank take back the house."

third, the impact of the mortgage default on individuals

the mortgage default is extremely unfavorable to the individual buyers.

1. loans overdue will generate high penalty interest. Even if the arrears are repaid later, the penalty interest will not be cancelled. The amount of penalty interest is generally stipulated in the loan contract.

2. Once the mortgaged house is repossessed by the bank, it will be auctioned by the bank, and it is likely to be sold at a very low price. In this case, the buyer's house is gone, and the remaining debts may continue to be recovered by the bank, and the down payment and taxes paid when buying a house are also lost.

3. Credit investigation is becoming more and more important. Disruption of supply will affect the credit information of buyers. Long-term non-repayment of supply will enter the blacklist of bank loans, and consumption will be restricted, which will affect future travel and work. Restricting the continuous introduction of new policies and regulations in various places, the punishment measures against Lao Lai are getting stricter and stricter, and even children's schooling and civil service examinations will be affected.

Therefore, once the property buyers can't repay the mortgage on time, don't cut off the mortgage easily. If necessary, try to negotiate with the bank to refinance, extend the loan term or apply for suspension of repayment of the principal.

Re-lending means that the customer lends out the mortgage that has been repaid. However, the interest rate of the amount borrowed is higher than the mortgage interest rate. If there is a problem with the borrower's cash flow, which can't be solved for a while, this is also a good way to deal with the emergency.

extending the loan term means that the buyer can negotiate with the bank to extend the repayment term appropriately. For example, the original mortgage term was 21 years, so you can take the initiative to discuss with the bank and extend the mortgage term to 31 years.

Applying for suspension of repayment of the principal means that if the property buyer is unable to repay the bank loan for the time being, he can negotiate with the bank and ask for repayment of the interest but not the principal in a short time.

fourth, how to deal with the default

The large-scale mortgage default has directly impacted the operation of the bank. The balance sheet of the bank will deteriorate rapidly, and even lead to the bankruptcy of the bank in serious cases. The mortgage default of individual families has little impact on banks, but large banks can't afford large-scale mortgage default.

after the supply is cut off, the bank will make a collection. At first, it is a reminder by SMS, and then it will be collected by telephone, door-to-door, etc. If the arrears can be paid off in time, the property ownership will not be affected. But if it exceeds a certain period of time, the bank has the right to recover the property of the defaulter, because the property is mortgaged to the bank. When the borrower buys a house, he signs a mortgage loan contract with the bank. Generally, the bank will urge repayment in the first month. In the second month, I will come to the door to ask for it. In the third month, the bank will send a lawyer's letter and enter the judicial process.

Generally, the bank will give the owner of the property a grace period of six months. If the mortgage is not repaid for more than six months in a row, the bank will apply to the court for auction of the house.

after the bank repossesses the property, it will auction it through the court, and the proceeds from the auction of the property will be used to repay the bank loan. If there is a surplus, the bank will return it to the individual. If it still can't cover the bank's arrears, then the bank will continue to collect debts.

Banks are also flexible. For example, recently, many enterprises delayed their work due to the pneumonia epidemic in novel coronavirus. This also makes shopping malls, physical stores, cinemas, restaurants, tourism and other industries face greater operational pressure. At the same time, some individuals affected by the epidemic may have the problem of late repayment of mortgage, car loan and credit card.

the state requires financial institutions to appropriately tilt their credit policies, flexibly adjust personal credit repayment arrangements such as housing mortgage and credit card, and reasonably postpone the repayment period for those who are hospitalized or isolated due to the infection of new pneumonia, those who need isolated observation for epidemic prevention and control, those who participate in epidemic prevention and control, and those who temporarily lose their income sources due to the epidemic.