If you are in trouble with debt and in danger of losing your possessions, can you stop your home being repossessed? The answer to this question is yes.
You do have a very good chance of saving your home from being repossessed if you act quickly and if you seek advice from the right people.
You have several options of courses of action to take to stop your home being repossessed if you have been issued an eviction notice. The following tips and advice will help you to go about this difficult process the right way to ensure that you have the best chance of keeping your home.
Tips on stopping your home from being repossessed
- Seek professional advice
From the first time that you miss a payment on your home loan or bond, you will probably receive a warning from your financial service provider. As soon as you have missed a payment or have begun to have difficulty repaying your home loan or bond, you should find a debt counsellor who can help you to manage your debt and to make sure that you make all the necessary payments and still cover your essential living costs.
Your debt counsellor will issue a letter to your financial service providers and explain that you are under consolidation.
As long as you stick to the plan that your debt counsellor has laid out for you, your creditors will not be able to repossess your home or take any other legal action against you.
However, if you have already been issued an eviction notice, you should find a legal representative and you should immediately go to court to fight for your home.
By law, a financial service provider can only repossess a home as a very last resort. If you can give the judge a reason to see the situation in your favour, your home should be safe from repossession.
It is absolutely essential, however, to make sure that you keep up with your loan or bond repayments from then on as you do not want to find yourself in the same situation again.
- Sell your house
If you cannot fight the repossession and eviction notices, you can try to sell your home immediately for cash.
There are many companies who specialise in buying homes as they are for cash within a day or two. You can contact one of these companies and they will buy your home exactly as it is for cash. These companies do not classify themselves as estate agents so they do not charge you commission for the sale of your house.
They will buy any home in any condition or state. One such company that you can consider contacting if you want to sell your house very quickly to avoid repossession is Easy Home Sales.
You can find out more information about them on their website www.easy-home-sales.co.za.
Whatever option you choose, it is essential to understand your rights and obligations and to always read the fine print on anything that you sign or agree to.
It is also necessary that you understand that a financial service provider is well within their rights to take legal action against you if you do not make your loan or bond repayments with interest.
You should always do your utmost to pay the money that you owe and at the first sign of trouble you should contact a debt counsellor.
If you do not want to contact a debt counsellor just yet, you should talk to family or friends. Many people are too embarrassed to open up to the people close to them when they are in financial trouble. It may be difficult, but it will definitely benefit you to confide in people and seek guidance and advice.
You may be surprised by how eager your family and friends will be to help you.