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Protect Your Family from House Repossession
By OnTopic | December 30, 2009
House repossession is beneficial only to two groups of people, aside from the lenders, first-time home buyers and investors. With more foreclosures and home repossessions happening than ever, many families are only a paycheck away from being in the house repossession process themselves. You have an attachment to that property that in part defines who you are and who you want to be.
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Before you can protect yourself from house repossession you need to understand 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. According to house repossession law, your account must first be handling in-house to allow you the opportunity to repay before it is turned over to lawyers or handled in the court system. 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 can pay or respond at this point, they will likely still work with you a bit. If you don’t go to the hearing, you lose by default and the bank wins possession of the property. 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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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. With a little knowledge and some passion about your home and family, you can work hard to stop house repossession from happening to you.
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