Most of the recent news on second-hand transactions are about second-hand loss cases. Almost all buyers who bought after 2018 have been wiped out. Property prices have fallen without transaction volume, which makes even owners who want to stop losses and leave the market feel troubled. The situation is even worse. Is it because of the interest rate hike? If you can't even afford a house, what will be the result?
A netizen left a message in a Facebook group, asking about the issue related to the cessation of property payment: "I can't afford to pay for the building, but I can't sell it. If the payment is cut off, how will the bank calculate the debt? Is it possible to get back the money for the property payment?"
Call Loan if payment is cut off for 3 months
In fact, if the owner stops paying for the property for two months, the bank will already "sound the alarm." If the owner fails to pay the loan for three months, the bank will call the loan. If the owner really does not have sufficient repayment ability, the property will be repossessed by the bank and become the owner of the bank. As for whether there is a way to get back the money paid, it depends on the owner's own payment amount and the transaction price of the main silver offer. If luckily, after the unit becomes a lender, there is still money left after deducting the outstanding loan and other miscellaneous charges from the selling price, and the owner will have funds to recover. On the contrary, if the sale price fails to cover the loan balance and other expenses, the owner will lose the property and continue to be in debt. Once the owner is unable to handle the debt, he may have to file for bankruptcy.
Silver main offers are usually at a discount to the market price. When the property market sentiment is not good, even if you can sell it at a "good price" determined by the market, you may not be able to pay off your debt. This is also the scary thing about negative equity. . In this situation, many netizens have suggested that the owners try to sell the property as soon as possible. After all, if the owner sets the price by himself, he still has the opportunity to control the amount of debt within a certain range. Even if he has to lose money, at least he can calculate it. But if you become the owner of the property and then sell it, you are actually just transferring the power to sell the property to the bank. Although the bank will not necessarily "sell at a low price", after all, the bank does not want to increase the amount of bad debts, but since the owner has "no say" in the entire transaction, whether the final sale amount of the property is in line with the reasonable price in the owner's mind, the owner will then There is no right to participate, and the debt can only be calculated based on the bank's selling price.
For example, when the owner bought a nano-silver main project in Sai Ying Pun, Hong Kong Island in 2018, the property price was NT$10.25 million. However, the bank offered a price of NT$4.1 million, and it finally changed hands for NT$4.9 million. The owner has no way to intervene in the whole process. Even if he thinks that the bank's price of 4.1 million yuan is unreasonable and will increase his debt, he can only do it. On the other hand, if the property becomes the main seller due to the discontinuation of supply, it will also have a great impact on the owner's credit rating (TU). In the future, it will be very difficult for the owner to borrow money or apply for a mortgage to buy a property, and it will also cost a lot of money afterwards. Taking the time to reorganize TU, selling properties at reduced prices and controlling debt may be a way out.
You can try remortgaging to extend the repayment period
Since I don’t know the details of the netizen’s property, one of the ways to help him is to remortgage the property and try to extend the repayment period. After dilution, the monthly payment will be reduced, which may solve his urgent need. Will be in a state of suspension of supply.
However, this method is not foolproof. If the owner is currently unemployed, the economic situation has changed drastically, the property valuation has dropped significantly, or the owner has other debts, remortgage may not be able to help the owner.