Sometimes people are faced with sudden-onset situations, such as financial hardship, which prevents them from repaying their housing loans on time

Can you cancel the mortgage

The answer is possible. Whether you can apply for a stay of repayment depends primarily on the rules of the bank in which you carry out the loan. Some banks provide clients with a phased repayment adjustment option. In other words, when you have financial difficulties and you do not have a loan, you can apply for a moratorium. If the bank says yes, then in the process of suspending the repayment, you usually only have to pay interest, and after the suspension, you can continue to pay the principal and interest. However, a number of banks did not support a moratorium. In such cases, if you are really unable to pay, you can try to apply for an extension of the repayment period。

What if your mortgage is overdue due to financial difficulties? First, if you have sufficient funds at your disposal, you need to clear your overdue debt as soon as possible to prevent new overdue costs from having a more serious impact. Secondly, if your hands are tight and you don't pay your dues, you can contact the bank and find a solution. Finally, you can try to find help from your trusted family and friends, borrow their money to pay your debts and then repay them when your financial situation improves。