The first sign when bank want to foreclose your asset
What is the first sign that the bank will confiscate your assets or property? Questions that may arise from someone with a bad credit problem is when will the bank confiscate your assets? Don’t be panicked, and know the signs, so you can take the right actions to stop foreclosure.
The first sign of foreclosure performed by the bank before seizing are:
The existence of notification of late repayment of debt repayments
Before confiscating assets that have a certain amount of debt made, then the bank will first see the length of delay from credit repayments and also maturity.
If one day the due date of payment has exceeded the deadline but the debtor still has not paid it out, it will appear and exit the report on the late payment of someone who has not made a repayment for the month from the admin computer where the name of the debtor has been written.
Reports of this delay will then be submitted to the credit admin to the marketing department and will be followed up immediately by the bank making a notice of delay to the debtor by phone and sending a notification letter for the delay of funding.
During the first month, the bank will send a letter once. The telephone is done once a week for one month after a delay.
If after exceeding the time range provided but the debtor still has not shown any signs of paying off his debt and has not shown good faith with the warning letter given, then the bank will issue a piece of paper in the form of warning letter which in terms of harder nature than the notification letter.
The existence of this warning letter will be accompanied by the bank towards the debtor in question where the bank will disclose the statement of ability to pay the loan installment.
This will be done one month after the notice and the bank will come at least once a week.
Actually if observed, the bank still wants to solve the problems faced by the debtor by relying on the principle of kinship and understanding.