Stop House Repossession from Happening to Your Loved Ones
While, house repossession is a great way for first-time homebuyers and investors to find great deals on properties, it’s devastating to the homeowner. When you own a home, that home is part of your family, your history and your life. With an attachment to something like a home, full of memories and a future, the fallout from repossession can be devastating.
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Before you can protect yourself from house repossession you need to understand the house repossession process. It starts when you become two or more months behind on your payments, then the bank transfers your account to the in-house repossession or default department. As outlined by house repossession law, they have to then attempt to contact you and advise you of the impending repossession possibility. At this point in the house repossessions process you can make payments arrangements and catch up the balance with minimal consequences. House repossession law requires lenders to stay in-house for a certain amount of time to allow you time to respond to the default before a repossession process begins.
The next step is to turn your account over to their lawyers to send you a letter stating their intent to repossession the property if you fail to pay or respond. You will likely be given a set amount of time to respond to this as well. If you don’t respond, the lawyers will file a repossession order with the court and the court will send you a summons to attend the hearing. If you do not show up to the hearing, a default win will be handed to the lender and they will be granted ownership and rights to the property. If you attend the hearing, you have the option to plead your case, pay the amount or talk with the judge about a repayment plan to stay in your home. The judge will make the decision and if you fail to comply, possession of the house automatically go to the lender with no additional hearings.
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You can plead your case and a judge can find in your favor and drop the repossession proceedings or you can offer to start the monthly payments again and offer a repayment plan for the arrears that have incurred. Though the steps to the house repossession process are relatively short and simple, there is ample opportunity for you to work on your own behalf to save your home and protect your financial future. Take the steps necessary to help save your home and financial future.
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