Most people have opted for a term loan when they buy a house, which does ease our economic pressure considerably. But if you fail to pay back on time every month, this will get bad. So the question is, what if the mortgage can't pay? Come on, let's talk about it。

The mortgage isn't up yet

It's not possible to repay the mortgage. Under the relevant provisions, if a house is purchased but the loan cannot be repaid, it can apply for a check-out. You have to go to the bank to explain why you can't repay it and get a certificate to that effect before you can check out at the local housing authority. But remember, in most cases, the developers will not refund the purchase in full, and you may lose. So, if there is another way, the check-out is not the first option。

So, what other solutions are there

I. Request for assistance. Explain to your relatives and friends or colleagues your current plight and raise some funds for emergency response, which may alleviate your tensions。

Call the bank. Send a letter to the bank to explain your predicament and see if it is possible to apply for an extension. If you are not in bad faith, the bank is usually willing to understand your situation. Once approved by the bank, you have more time and opportunity。

Transfer or sell the house. Transfer or sell your house and repay it with the money you get. But notice, you need to get the loan bank's consent first。

The house is auctioned by the bank. That's the next move. If you fail to repay the mortgage for six months and the bank fails to recover the loan, the auction may take place on your house。

That's just some of the strategies and suggestions for the mortgage that we can check out。