Mortgage is a problem that many people have to face, and one of the concerns is whether mortgages will be subject to secondary deductions due to insufficient savings. This issue has attracted much attention and therefore needs to be analysed from multiple perspectives。

Do you think you'll get a second deduction if you lose your mortgage

First, let's look at the bank's perspective. For the mortgage repayment process, the lender is generally required to deposit the repayment amount into a specified repayment account on a monthly basis, in accordance with the contract, from which the bank deducts the amount at an agreed time. In the event of insufficient deposits, the bank may not be able to make the deduction. However, under the policies and contracts of individual banks, if the deduction fails, the bank is likely to make a secondary deduction to prevent the lender from overpayment。

Secondly, we need to take into account the lenders' perspective. A secondary withholding of funds in the event of insufficient deposits may place a burden on lenders. In particular, the insufficient deposits of lenders are temporary in nature and may be due to a month of reduced income or increased expenditure. A second deduction by a bank may result in the lender's other bills not being paid or affecting their daily lives, causing them some distress。

In addition, it was felt that the secondary deduction was a means for banks to resort to greed. In their view, banks could carry out risk assessments in advance and should communicate with lenders in advance in order to negotiate solutions, rather than directly engage in secondary deductions, if the funds were insufficient. According to this view, second-deductions by banks are an dehumanizing practice that gives lenders a sense of disrespect。

However, there may be different answers in different banks and in different cases, if the loan is not available for secondary deductions. Some banks may choose to make secondary deductions to ensure that loans are repaid on time and avoid the risk of delay. Other banks may choose to communicate with lenders and negotiate alternative repayment options to ease the burden on lenders。

In practice, lenders have a duty to ensure that there are sufficient balances in repayment accounts to avoid shortfalls in deposits. Creditors can ensure that sufficient funds are available for repayment each month through sound financial planning and budget management. It was also important to maintain good communication with banks, in the event of financial constraints, to communicate with banks in a timely manner in order to find solutions and avoid secondary deductions。