Steps to follow when bank repossesses your home

A mortgage is a fast way to get your dream home. However, there comes a time when you are not in a position to pay the mortgage. When you are faced with financial difficulties, you need to inform your bank a soon as possible. The bank can agree to extend the period. However, if it is not possible, then they may begin the home repossession process. As a result, the bank can repose your home. If you are being faced with such a problem, then you have come to the right place. Here are some steps which you can follow when the bank is about to repossess your home.

The first thing that you should do is to get all your monthly bills and income documents ready. You can use the documents to prove your inability to make the payments. The documents will be proof that you are in financial distress. You should also provide the bank with the copies of the documents and talk to them if they can reconsider your plea. There are circumstances under which your bank can accept to extend the period. However, it will depend on how financially distressed you are.

Secondly, you need to apply for the financial hardship assistance. You can also go to an external dispute resolution if your bank does not give you the hardship assistance. In case the external court resolution accepts your request, then you can stop the bank from proceeding with the house repossession. The hardship assistance will ensure that your bank gives you a grace period after which you can continue with the mortgage payment.

Thirdly, you have to check the default notice from the bank. You can determine if there is any statement that is not correct. If the debt amount has been exaggerated, then you can invalidate the notice and stop the repossession. You can get your house back and continue making the mortgage payments as you did previously.

Finally, you can get help from a repossession advocate. The advocate will give you the necessary information on how you can defend your home. The advocate is experienced and will be of great help when you are faced with a tough situation. Furthermore, the advocate is in a good position to advice on the steps that you should take. He will guide you to ensure that your house does not get out of your hands. You should not hesitate to get assistance when you need it the most.

Your home should not be repossessed when there is something that you can do about it. Just follow the above tips, and you may be surprised that you can save your house from going back to the financial institution. The decision by the bank to repossess is not a final blow. You can still do something to have your house back. It all depends on how strong your case is and the evidence you have provided. Do not hesitate to get help when you have been issued with a repossession letter.