Once you have applied for a housing loan, you will be required to honour that repayment as stipulated in the contract. Imagine your mortgage is due, but your wallet is tight and you can't repay. What will happen? Indeed, negligent repayments may have serious consequences。

What happens if you don't pay the mortgage? This could have consequences

First, the banks will not stand idly by and they will make a call to you by telephone, text messages, etc. In serious cases, there may even be a call for money, and the pressure may affect your normal work and life。

Second, once your loan arrears are reported by the bank to the credit seeker, your credit rating will be severely compromised. It is almost impossible to apply for services such as loans or credit cards later on, and this bad credit record will remain in your credit report for a long time。

Moreover, a serious delay in the payment of the payment may result in your property being auctioned at the bank to settle the arrears. In this way, your original owner could be a tenant or not even a place to live。

In the end, your personal credit will also be affected. Long-term bad repayment records may result in you being placed on a “blacklist” by banks, affecting your personal credibility and social status。

Therefore, before applying for a mortgage, it is important to have an adequate assessment of your economic situation and your ability to pay. (c) Set the loan lines, duration and interest rates, plan the budget and ensure sufficient capacity to repay it. During the repayment period, you will comply with the bank ' s repayment plan and pay in full and on time. Communication with banks as early as possible to find solutions, if energy moves, so as not to have a greater negative impact on credit evaluation。

When there is a real inability to pay, it is not enough to worry about it. You have to talk to the bank on your own initiative, explain the situation and discuss the details of the adjustment of the repayment period, the amount, etc. If that is not the case now, it is important to inform the bank of your repayment plan and to negotiate a better solution. The negative impact of non-payment would be minimized as long as the arrears were settled as soon as possible, repayment plans were scrupulously followed and good repayment records maintained。