Learn To Get Around House Repossession
House repossession is an unfortunate side effect of the economic recession. Stop beating yourself up over it and know that you certainly aren't the only person facing this right now. I'm sure you're tired of hearing people tell you about what you should have done to prevent this from happening, so I'm going to help you learn what your options are to keep your home and get through this tough time.
There are lots of options available to you to keep your home and stop house repossession. The bad news is that you do have to pay it back. There aren't many ways around that. If you're willing to work hard to get the money paid back and keep your house, you're well on your way to doing it. Most people beat themselves up so much that they've given up before they even get started. The things you need to know are the laws that pertain to repossession, loans available to help you, and cutting a deal with your lender. None of these will save you a ton of money, but they can help you not have to bail out in the middle of the night.
Know The Laws
One good thing about house repossession is that you're usually notified that your home is about to be repossessed. This is very different than things like cars and electronics, which can be taken without any notice. This will buy you some time to get things in order. It obviously doesn't happen over night, payments were missed and letters were sent, but you now have to take action.
The laws that pertain to repossession are different in each state. They can also be different in each county and municipality. Some cities, like San Francisco, are very homeowner friendly and have laws that will slow your home from being taken from you. Other cities and states are the exact opposite. If you know the laws, you aren't going to be surprised by anything and you'll know what options are available to you when dealing with your home lender. There are many different things that your lender can do to repossess houses in the bounds of the law. An understanding of what they can do can help you maneuver through the legal process and stop repossession of your home.
Take Out A Loan
If there haven't been any penalties to your credit by your lender yet, and your credit score is still intact you can try to get a loan to pay to your lender. It's probably not likely that you can get a loan that will pay off your mortgage if you still owe a ton of money, but it can be used as an upfront payment when negotiating with your lender (more on this below).
Before pursuing this route keep in mind that if you take a loan you'll be pretty close to making two mortgage payments per month. You'll have to pay your mortgage and repay your loan each month. If you can get a significant amount that will take care of a chunk of your mortgage the double payment period won't last very long.
Negotiate With Your Lender
Your lender wants you to stay in your house. It probably doesn't seem like it with all of the phone calls and harassment, but they do. They make more money with you in your home than by selling again at a foreclosed price. It's in their best interest to work with you for you stay in your house and stop repossession.
The only way you're ever going to figure this out is by calling them. Yeah, I know that sucks, but it has to be done. You'll get to talk to a real person and tell them your story. They may have options available for you that will help out both parties. Sometimes they will make you pay back the missed payments, plus a large penalty, along with your regular monthly mortgage payment. It's going to be a lot of money those months, but you get to stay in your home. Other times, they will want a lump sum of all the money you owe, plus penalties, along with your mortgage. Only by calling them will you know what options they have available to you.
More Hubs by The Empire
- Where To Find Tax Debt Help
Owing back taxes, penalties, and fines is a rough situation. Luckily for you finding tax debt help is pretty easy. The IRS has a lot of power to take what is owed to them. They can garnish wages, seize...
- How To Sell Annuity Payments
If you are getting payments from a lawsuit, lottery, retirement, or any other long term settlement, you can sell annuity payments to investors. When you need the cash now, rather than waiting for the checks...
- Unsecured Credit Card Debt Consolidation
Unsecured credit card debt consolidation is a way to lump all of your mounting debt into one, easy to manage monthly payment. If you've exhausted all other methods to get on top of your credit cards, this...
- When Should You Hire A Wrongful Death Attorney?
Facing the death of a loved one is the most stressful thing that you can go through. It's worse when it was due to some else's negligence. A wrongful death attorney will help you get the compensation you...
- Are Personal Injury Solicitors Worth The Money?
If you've been injured at it is the fault of a third-party, it would be a good idea to look into personal injury solicitors to help you get compensation. Injury solicitors have a strong, working knowledge...
More by this Author
Title loans are risky business, and are normally a bad choice. However, people still use them, so it's important to discuss how they should be used, and what to watch out for when applying for them. In case you don't...
Finding the best acne body wash is easy and will help you clear your skin. Body acne, bacne, or whatever you want to call it is embarrassing. Find the best body wash for you right here!
Learning how to get rid of slugs and get rid of earwigs at the same time is easy. Earwigs and slugs are two of the most common garden pests. They can go unnoticeable in small amounts, but when there are a lot...
No comments yet.