If you’re facing the daunting prospect of repossession and want to try to stop it, there are several steps you can take which may help. Firstly, It’s imperative that you act quickly and take a proactive approach, avoiding the issue will make stopping the process more difficult.
Communicate with the mortgage lender ASAP to discuss your situation
Explain the reasons behind your difficulty to make payments and that you need to explore possible solutions. They may be willing to work with you to find an alternative arrangement, such as a loan modification.
Seek legal advice
Consult with a lawyer who specializes in property or housing law. They can provide expert guidance on your rights, review your loan agreement, and help you understand the legal options available to you. They may also be able to negotiate with the mortgage provider for you.
Gather evidence of the financial situation
Compile documentation that supports your financial hardship, such as bank statements, income records, medical bills, or any other relevant information. This evidence can help substantiate your case when negotiating with the lender or presenting your situation in court, if necessary.
Apply for government assistance
Research and apply for any available government programs or assistance that can help you avoid repossession. Depending on your location, there may be initiatives aimed at preventing foreclosures or evictions, providing financial aid, or offering counselling services.
Explore refinancing or loan modification options
Investigate the possibility of refinancing your loan or seeking a loan modification. This could involve negotiating with the lender to adjust the terms of your loan, such as lowering the interest rate, extending the loan term, or reducing the monthly payments.
Attend mediation or court proceedings
If the repossession process has advanced to mediation or court proceedings, make sure to attend and present your case. It’s crucial to be prepared, bring all relevant documentation, and clearly communicate your financial circumstances and efforts to resolve the situation.
Seek support from housing counselling agencies
Housing counselling agencies can provide valuable assistance and guidance throughout the repossession process. They can help you understand your options, negotiate with the lender or landlord, and develop a plan to prevent repossession.
Every situation will be unique, and the viable options may vary depending on your location and circumstance. Seeking professional advice and taking prompt action will undoubtedly improve your chances of stopping repossession or finding an alternative solution.
Faster Property Solutions offer you that alternative. We’ve been stopping repossessions for over 30 years. Providing a hand holding service to customers, means we will take care of everything for you, so you won’t have to deal with anyone but us. We’ll even provide you with a cash advance while the process goes through.