| Facing repossession can be a daunting time in | | | | from their side. |
| one’s life. As daunting as it is, it needs to be | | | | - Negotiate a ‘holiday’ period. This is normally |
| dealt with sooner rather than later. It go’s | | | | a 3-6 month period whereby you do not have to pay |
| without saying that a situation of this severity will not | | | | any installments. This basically gives you time to sort |
| simply vanish into thin air if ignored by the home | | | | your financial situation out with the hopes that |
| owner. Unfortunately many home owners do have | | | | you’ll be back on your feet by the time the |
| this attitude as they simply do not know how to deal | | | | holiday period is up. |
| with the situation and believe that they are doomed | | | | - Negotiate a longer bond term. If you are currently |
| no matter what they do. It can be an extremely | | | | paying your bond over 20 years, one could arrange |
| emotional time in ones life and can put a lot of | | | | to change the bond term to 30 yrs, this will decrease |
| pressure on the home owners personal life, as well | | | | your bond payments to a small degree on a monthly |
| their health. However, it need not necessarily be this | | | | basis. |
| way. | | | | Then last but not least, there are fortunately people |
| An important thing to remember is that there is no | | | | out there who specialize in helping distressed home |
| reason to be ashamed of your situation if you’re | | | | owners out of their situation when all else fails. These |
| facing repossession. These things happen in life and | | | | companies are usually property investors who buy |
| often the cause is due to no fault of our own. | | | | houses for cash and are able to provide home |
| Rather than groveling and feeling sorry for one’s | | | | owners with a quick sale on the spot before the |
| self, the best thing to do in a situation like this is to | | | | banks manage to step in and proceed to repossess |
| take action, immediate action. | | | | the property. These property investors might not |
| Most home owners simply give up and hand the keys | | | | necessarily offer full market value for the property, |
| over to the bank, this submission can have negative | | | | but instead will offer up to 70% of the market value |
| consequences down the line such as receiving a bad | | | | for an instant and guaranteed sale. This can be the |
| credit record and having their name black-listed. Once | | | | answer to solving the home owner’s problem |
| a home owner receives a bad credit record or | | | | very quickly because these investors who buy |
| black-listing, they are normally banned from the | | | | houses for cash usually understand how the banks |
| lending industry for the next 5 to 10 years. This | | | | work and are able to speak to the bank on the |
| means that they will even find it difficult to rent a | | | | home owners behalf. At the end of the day it is a |
| property in future because the majority of landlords | | | | win win situation whereby the home owners is helped |
| do credit checks on their prospective tenants. Not | | | | out of their problematic situation, their credit record is |
| only will the home owner find it difficult to rent a | | | | saved, their bond is settled and they can carry on |
| property in future, but they will be declined for | | | | with their lives. These property investors will even |
| basically any type of credit application that they apply | | | | allow the home owner to rent the property back |
| for. This includes things like credit cards, cellphone | | | | after the sale which can be extremely helpful if the |
| contracts, store/shopping accounts etc | | | | home owner wishes to remain in the property. |
| Having said the above the news is not all bad. There | | | | I’m sure you will agree this is a far better |
| are steps one is able to take in order to prevent the | | | | solution than sitting around and waiting for the banks |
| actual repossession from taking place, and if not | | | | to swoop in and take everything the home owner |
| preventing it completely, then at least soften the | | | | owns leaving them with absolutely nothing but a bad |
| blow and improve the situation greatly. | | | | credit record at the end of the day. Note that it is |
| The following actions could and should be taken and | | | | vitally important that if the home owner decides to |
| would help the home owners situation dramatically: | | | | go this route that they contact such a repossession |
| - Contact the bank immediately and let them know | | | | service as soon as possible before it is too late. The |
| of your situation, they will respect you for this and | | | | links below might help you out of your predicament - |
| follow a more lenient and understanding approach | | | | feel free to check them out today. |