Protect Your Family from House Repossession
House repossession is beneficial only to two groups of people, aside from the lenders, first-time home buyers and investors. When you own a home, that home is part of your family, your history and your life. More and more foreclosures and repossessions are happening every day and this not only impacts you, but your community.
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One way to stop house repossession is by first understanding the house repossession process. The first step the bank will take when you become two months or more behind on your mortgage. This process starts when you become two or more months behind on your payment. At this point in the house repossessions process you can make payments arrangements and catch up the balance with minimal consequences. At this point you can try to work out a payment agreement and start paying your monthly payment again and it will usually end here.
The next step in the repossession of house process is for the lender to have their lawyer send a letter to you regarding the amount past due and the start of a repossession process. If you don’t take the time to respond to the letter, then the next step for the lending company is to file an order with the court that will send you a summons to a hearing. 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 attend the hearing, the lender will win by default and be granted ownership and possession of your home. If you show up and plead your case the judge can dismiss the case (if you pay the amount owed), the case can be postponed, or you can have the repossession process suspended (if you are able to start making your normal monthly payments and something toward the back debt due). You can pay the amount due and the process will be stopped.
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Once the bank takes ownership of the home, then you have a set period of time to move, if you don’t an eviction order and warrant will be placed on you and, if need be, the police will show up to help you move out. 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. Your home is your haven and if you are having financial difficulties, takes the time to talk with your lender before this process starts and work to save your home for you and your family.
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