Late Mortgage Payment What is a Payment Schedule? The payment schedule is the deadline for debtors to pay money that must be paid for goods, services, or loan money they have received
What is a Payment Schedule?
Late Mortgage Payment Consequences
A payment schedule is a deadline for debtors to pay money due for goods, services, or loan money they have received.
In the property world, the payment schedule is usually used for people who buy a property with the KPR (House Ownership Credit) system.
Yes, KPR or Home Ownership Loans are loans given to people who want to buy a house.
The person will pay off the loan in installments that must be paid according to the installment payment schedule every month.
Consequences of Late Payment of Installments
When planning to buy a property with a mortgage system, there are many things that Pins needs to consider, one of which is financial condition. When you have taken a KPR PIN,
you are required to pay installments in accordance with the payment schedule set by the creditor.
However, sometimes things don’t go as expected. The journey to paying mortgage installments is not as easy as the initial shadow.
There are so many debtors who have difficulty paying installments in the middle of the installment period.
So the debtor missed the payment schedule. In fact, there are consequences that must be accepted if the debtor misses the payment schedule. What’s that?
Late Mortgage Payment This is the consequence.
1. Penalties are piling up
Yes, the exact consequence that Pins will face if they are late in paying their mortgage installments from the payment schedule is the increasing fines.
Usually, the debtor will be subject to a fine of 0.5% per day which is calculated from the number of monthly installments. If Pins pays late installments far from the payment schedule, of course, the fines will pile up.
These fines will be calculated in the next installment payment schedule. So that when the next installment payment will be very burdensome for Pins.
2. Confiscated Property
The second consequence that Pins has to face if they are constantly late in paying installments from the payment schedule is the property being confiscated by the bank.
Yes, the bank has the right to confiscate the property if Pins does not pay the installments.
Generally, the bank will confiscate the property if the debtor does not pay the installments for more than three months.
However, of course, the bank does not immediately confiscate the property.
Instead, it will send a warning letter. If the warning letter does not succeed in making the debtor pay the installments in arrears, the bank will send a warning letter 2 (SP-2).
If the debtor still does not pay the installments in arrears, the bank will continue to send warning letters up to SP-3. In this SP-3, the bank will confiscate the debtor’s property.
This is usually stated in the contract agreement that Pins signed when applying for a mortgage to the bank.
3. Registered in the BI Checking Blacklist
The next consequence that can occur if Pins misses the KPR installment payment schedule is to be added to the BI Checking blacklist.
Yes, usually Pins are required to do BI Checking before applying for a mortgage.
This is to find out whether Pins are eligible to get a mortgage or not. If the PIN passes through BI Checking, then the mortgage application will be granted easily by the bank.
However, when Pins miss their mortgage payment schedule, this can backfire. This will certainly make it difficult for Pins if they want to make a loan back to the bank.
Because Pins has provided a bad payment history, it’s hard to trust anymore to make a loan.
What do banks do if they miss a payment schedule?
Of course, there are still many Pins who don’t know what the bank will do if the debtor misses the installment payment schedule.
Especially if Pins has never applied for a mortgage or other loan to the bank. These are some of the things that banks do if Pins miss an installment payment schedule.
1. Sending a Letter of Reprimand
Yes, as explained earlier that when the debtor misses the installment payment schedule, the bank will send a warning or warning letter.
Usually, the bank will send a warning letter if Pins is late in paying the installments for one month. If at the specified time Pins still does not pay the installments in arrears, the bank will send a second warning letter and so on.
2. Sending Debt Collectors
Maybe many of Pins only know about debt collectors on television shows. Even though debt collectors actually exist in the real world.
Even banks actually use the services of a debt collector team in collecting outstanding installments, you know.
There are several ways of collection by debt collectors, namely by telephone or visiting the debtor’s residence.
3. House Foreclosure
Yes, this has been explained before. If the warning letter sent by the bank is not heeded by the debtor, usually house confiscation is the last resort that will be taken by the bank.
However, before making a confiscation, the bank will usually invite the debtor to discuss and find a joint solution.
That‘s information about the payment schedule and the consequences that must be faced when skipping it.
Hopefully, the reviews above are useful for Pins’ consideration when you want to buy a house with a mortgage system, Successful Marketing.
