What happens if I don’t pay the house loan?
Ultimately, try to find a balance with the bank in order to recover the momentarily cracked relationship of trust.
I do not pay the house loan: after how many months can the bank send the property to the auction?
There are no minimum terms established by law. Let’s say that each bank manages these positions by evaluating them on a case by case basis. It is normal that for contentious practices, therefore with unpaid installments, with difficulties in dialogue with the customer, the bank will accelerate this type of procedure. I remind you, as mentioned before, that it is not in the interest of a bank to send the property to the auction also because it is aware that with the sale of this property it will not always include all the residual capital to the balance of the current loan. That is why the advice is to communicate with your institution.
I do not pay the house loan: can I get a new loan?
The answer is yes on the condition that the applicant is a permanent employee or a pensioner. Even if they are bad payers, both will be able to request a new loan by transferring a fifth .
I do not pay the house loan: can I ask for a consolidation?
It is difficult because the debt consolidation loan provides that the customer is regular in payments. No new institution is willing to absorb the debts of other banks when the customer is a bad payer.
I do not pay the house loan: if the house is auctioned at a lower price than the residual debt with my bank what happens?
For example, if Mario has a loan in progress with Unobank for the value of € 100,000.00. With the sale of the property at auction the bank will collect € 70,000.00 and consequently Unobank is still a creditor against Mario for € 30,000.00. The sale of the property at the auction does not totally free the customer, except in the case in which the proceeds of this sale are sufficient to pay off the debts in progress.