House repossession can no doubt be a traumatic experience, but if you act fast you have a chance to stop repossession.
We all know that it is a major dream for most Americans to live in home that they can truly call their own. Living in your own house is certainly a huge accomplishment compared to simply renting an apartment.
However, many homeowners end up facing home repossession. Indeed, they end up losing their home to a foreclosure process due to inability to keep up with the monthly payments or some other reason.
House repossession is a process that can take a while to complete. Just because you have received a repossession notice in the mail does not always mean that you will end up losing your home. There are steps you can take as a homeowner to make sure that this does not happen but you will have to act quickly.
Stop house repossession
The fastest way to put a stop to the process of house repossession is to make good on all your overdue mortgage payments. As soon as your account is current, the lender will immediately abort the home repossession proceedings. This is actually good not only for you but for your lender as well.
House repossession is a last recourse for most mortgage companies and most of them do prefer that you keep your house and keep sending regular mortgage payments.
With all the foreclosures going on in recent years, a lot of people are afraid that the bank or some agency will just come along and decide to repossess their home. If you are responsible in posting your monthly mortgage payments, there is no reason to fear but if you do have some missed payments, it is not the end of the world for you either.
Negotiate to stop repossession
There is something you can do to stop home repossession. You can negotiate with your lender and ask for an extension on your mortgage, or perhaps a temporary reduction of monthly payments. Most lenders are actually willing to work out a deal with homeowners as long as it means that they will be getting paid. You do have to notify the lender as soon as possible in order to avoid further inconveniences.
If you and your lender are unable to come to an agreement, you will receive a notice of a court hearing through mail. By this time, it is strongly advised to seek the help of a foreclosure attorney who can help you with all the legal requirements regarding house repossession as well as stand as your representative in court.
Judicial repossession procedures
Whether you will keep your home or be evicted will depend on what happens in the courtroom. The judge will listen to all the issues involved, after which he will make a decision.
If the judge finds that you have a valid enough reason for not being able to make the payments, he/she might let you stay in the house as long as you comply with certain requirements and you will have avoided house repossession. Otherwise, you will have no choice but to pack your things and find a new place to live.
If the house will indeed be repossessed, you will be given a reasonable amount of time to gather your belongings and search for a new home. In this case, it is best to move out voluntarily than wait for the court to enforce the house repossession order and evict you against your will.