Redemption process of guarantee company

What is a "foreclosure loan"? For example, a customer originally had a mortgage of 200,000 yuan in Bank of Communications, and the customer sought a loan of 200,000 yuan from ICBC, and first paid off the loan from Bank of Communications. Such loans shall be guaranteed by a guarantee company designated by ICBC. After the loan is paid off, the house can be freely transferred. After finding a buyer, the buyer must borrow money from ICBC. The money borrowed from the loan is directly offset by the bank against the outstanding loan of the original owner, and the overpayment is insufficient. If no bank is willing to make such short-term advance payment, the guarantee company will get about 5% of the advance amount (300,000 loans 1.5 million). At present, the guarantee company only pays the guarantee fee, which is about 3000 yuan. In addition, the notarization fee is not much, and the commercial housing with an evaluation fee of less than 5 years is exempted. This kind of business avoids the central bank's ban on refinancing, but achieves the effect similar to refinancing. 1. The buyers and sellers of real estate reach a transaction and sign a sales agreement; 2. The buyers and sellers of real estate choose a loan bank, the seller applies for a second-hand mortgage loan from the bank, the buyer applies for a second-hand mortgage loan from the bank, submits the information required by the bank, and goes through the down payment supervision procedures at the same time; 3. If the bank intends to issue a second-hand mortgage loan to the buyer after preliminary examination, it shall issue a second-hand mortgage loan commitment letter; 4. The buyers and sellers of real estate apply to the financing guarantee company for mortgage loan guarantee, sign the guarantee documents and submit the required materials to the financing guarantee company; 5. After the investigation and approval of the financing guarantee company, the buyers and sellers of real estate shall go to the notary office for full authorization notarization; 6. The seller or buyer of real estate shall pay the guarantee fee and handling fee to the guarantee company; 7. After the guarantee is approved, the financing guarantee company signs a guarantee contract with the bank; 8. After the approval of the bank, the bank lends money; 9. The handling personnel of the financing guarantee company shall go through the formalities of foreclosure, licensing, cancellation of mortgage registration and transfer registration; 10. After the certificate is issued, the financing guarantee company assists the bank to handle the mortgage registration procedures; 1 1. After the mortgage registration is completed, the guarantee liability of the financing guarantee company is released.