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It is a pitiable situation where people are trying for home repossession. Only after hard work & physical exertion, one can extricate himself from the financial morass into which he has fallen. If one is cautious & careful, he can avoid any misfortune.

One has to survive in the world. Survival of the fittest means survival with dignity. To lead a dignified life, he must have sufficient income which facilitates him to pay his loans & bills promptly. But, in the case of mortgage, if the amount is bigger than the normal repaying capacity, he will be in a mess. If the mortgage amount is manageable within his income limits, he will not have a tough time. If it crosses his take-home pay packet, he will have to locate the areas where his money gets squandered. He has to figure out the areas of overspending. He might have spent on frivolous pursuits or avoidable domains. He has to ascertain the reasons for expenditure & enlist them one by one. This way, being conscious of how he has spent, he can prevent wasteful expenditure. And, these savings, he can divert towards repayment of mortgage loans & this way, he can stop having his home repossessed. He has to remember that he cannot dupe the banks. His payment for mortgage should be regular & prompt to avoid repossession. Till such time, he has to be frugal, if not miserly, cutting short his expenses. His focus must be only on repayment. He has to sustain his present income and, if possible, he has to increase his financial clout in order to maintain his monthly payments regularly.

If he faces home repossession, he may be toying with the idea of seeking the advice of a real estate agent for selling his property. In case of a sale, he has to vacate the house & he has to agree for lower quotation - both are painful options. But, if he has to stay in the same house, he can seek the services of a buy & rent back expert. After the usual paraphernalia, he will be given a quotation for the sale. If he wants to rent it back with the buyback option in future, he will get a price for renting & a fixed buyback price. Having completed the basic formalities, the whole operation can be over within 7 to 10 days. Normally, the entire process will be complete in a very short time. Sell & rent back schemes are worthy of consideration in a good number of situations where selling in a short period will be in his favor.

Repossession is a good option in certain circumstances only. It is not a viable solution if he can enter into an agreement with the lender. But, in case of utter helplessness, where mortgage payments are improper, this option can be considered. But, a sell & rent back scheme can be considered to be a favorable one. He can repay his lender & stop repossession. He can extend his stay in the same house. This scheme is the best option as he need not leave his favorite dwelling place.

Even in the case of an adverse situation, like receiving a judicial injunction calling him to appear in a court, he can stop repossession. There are some ethical specialists buy & rent back companies which will come to his assistance to stop repossession. These companies will help him in getting a scheme doctored to suit his personal preferences & priorities.

Thanks to the global economic slowdown, many middle class employees are loosing their jobs - even in big MNC’s. As an impact, foreclosure rate is galloping every minute. The worst mistake people do is to freeze & keep quiet till they receive the first call for foreclosure. You have to understand one important point - never leave your house. Don’t enter into any deal with anyone - 90% deals are bogus in nature. When calls/letters come from lenders, just attend to them only to delay the process. But, if the lenders get a feel that you are economically bankrupt, they will speed up the process for foreclosure. If you know how the system operates, and how to manicure it in your own interests, you can occupy the same house for a longer period.

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MLA Style Citation:
Adams, Jeffadamsinvestments "Tips to Avoid Home Repossession." Tips to Avoid Home Repossession. 22 May. 2013 Isnare.com. 27 Jul. 2017 <https://www.isnare.com/?aid=423528&ca=Break-up>.
APA Style Citation:
Adams, Jeffadamsinvestments (2013, May 22). Tips to Avoid Home Repossession. Retrieved July 27, 2017, from https://www.isnare.com/?aid=423528&ca=Break-up
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