Posts Tagged ‘Refunds’
Stop House Repossession from Happening to Your Loved Ones
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. 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. It starts when you become two or more months behind on your payments, then the bank transfers your account to the in-house repossession or default department. 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 do not respond the legal counsel will proceed with repossession litigation by filing with the court, which will then send you a summons for the hearing date. If you do not attend the hearing, the lender will win by default and be granted ownership and possession of your home. If you attend the hearing, you have the option to plead your case, pay the amount or talk with the judge about a repayment plan to stay in your home. The judge will make the decision and if you fail to comply, possession of the house automatically go to the lender with no additional hearings.
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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. When considering the ways to stop a home repossession process from happening to you it’s important to understand the repossession process first. Take the steps necessary to help save your home and financial future.
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