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Getting served an eviction notice is the absolute last thing any home owner wants. Facing possible repossession is of course disheartening, and many feel like there is no way out. Not only is it clearly upsetting to face this situation emotionally, it can also cause many to feel at their lowest and embarrassed. The first thing you need to understand is you are not alone and help is available. Why does repossession happen? Repossession happens when home owners fail to make the agreed upon payments in accordance with a contract between them and the lender or bank. There is nothing really technical or fancy about it, if you fail to make payments on your mortgage after a certain period of time, the lender will begin the eviction process. Financial hardship tends to progress over time, meaning it doesn’t necessarily fall into your lap within an hour and all hell breaks loose. Even with a sudden job loss due to economic woes, most people can expect a severance package or at the very least one more work pay deposited in the bank. In order to avoid repossession, one simple phone call is all you really need. The same can be said about personal matters, if you are faced with a separation or possible divorce and you are sure it’s completely over, getting your house on the market now is vital. The point is being prepared and ready can save you lots of heart ache down the road. Call your Lender The day you lose your job, call your lender and make arrangements. Banks stand to make a substantial loss as well and the last thing they want is to repossess your home. By repossessing, banks and lenders must face the harsh reality of losing major money because they now have to sell your home way below market value to make up for lost funds. Keeping lenders informed and renegotiating mortgage terms will work 98% of the time. Burying your head in the sand or giving way to emotions won’t help the situation. If you know financial hardship is on the way and you won’t be able to make full payments, the only viable solution is to take control and make the calls. There is no shame in this and letting pride get in the way of a brighter future is futile. Limited Options If you feel backed in a corner and see no way out of the situation, you can opt for a quick sale. It happens to the best of us, where repossession becomes unavoidable no matter how you approach it. There are companies that specialize in stopping the repossession process and can make you an offer on your home. In most cases it’s possible to have cash in your hand within a week’s time. How does this affect my Credit Rating? Being on the cusp of repossession has already damaged your credit rating, but actually being repossessed is more damaging. When it comes right down to it, a ‘quick sale’ note in the report is way better than a glaring ‘repossessed’ note. You can easily go on-line and see if you qualify for a quick sale – once you know, the company handling your case generally takes care of all the essentials, but more importantly, they stop the repossession process in its tracks.
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