How to Stop Repossession?
Take legal and financial advice. A good legal adviser will make sure the lender is following the law and not making it difficult for you to make payments and clear your debts. They can also help you if you need to go to court. They can explain the process and make sure that you have all the supporting documentation you need.
Have all your correspondence with all the parties involved in a file. List details of all your expenses and income history. This will show that you are organised. You may even have a plan on how may sell your house quickly. Preparation may help convince the court that you need extra time to sort out some loose ends.
USA: Contact the Housing and Urban Development Department (HUD) to locate a government approved counseling agency.
Basic lending guidelines require all liens on the property should total less than 70% of the current market value. If you have more equity than that, refinancing should be easy, or get a second trust deed to bring your loan current. Expect higher interest rates and loan fees.
USA: There are several other alternatives available. You may consider forbearance, refinancing, modification, deferral of principal, a temporary indulgence and a Chapter 13 Bankruptcy.
Stay in the property and don’t abandon it. This looks better if you have a court case.
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