House repossession is beneficial if you are an investor or first-time home buyer, but if you are the homeowner it’s a terrible, heart-wrenching process that can tear your family and your finances apart. 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 of the most important things to know before trying to stop a home repossession from happening to you is the process the lender and banks go through to repossess a home. The first step includes a transfer of your account to the in-house repossession department, where they will attempt to contact you for payment or other response. They will transfer your account to an in-house department specifically designed for default clients. At this point in the house repossessions process you can make payments arrangements and catch up the balance with minimal consequences. This amount of time is set by the lender and should be outlined in your mortgage agreement or other disclosure agreements.
The next step in the process is to send your account to their legal counsel to contact you about the possible repossession of the home if you do not make an attempt to pay the arrears. 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. You can pay the amount due and the process will be stopped.
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If you fail to attend the hearing and thus default, then you have a set amount of time to vacate the residence and if you do not the lender can get a warrant to evict and the police will remove you. As with many legal issues, the more you know about the house repossession process, the more you are able to do to stop house repossession in the first place. 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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