What Happens During A House Repossession Essay

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What Happens During a House Repossession

Repossession is always a last case scenario, with most other options generally considered before any court will give a lender the right to repossess your home. However, it does happen, and if you feel it might happen to you then you 're probably going to want a little guidance regarding what happens, when it happens, why it happens and how you can make the process as painless as humanely possible.

What is Repossession?

Repossession is a legal process in which a lender (the bank more often than not) takes back ownership of a property because a mortgage, or other loan taken against the property, hasn 't been paid. Repossession generally occurs as a result of mortgage “arrears,” (owed money) which build up if you don 't or can 't pay off your mortgage at times when your payment is due. Before repossession proceedings begin, it will be up to your mortgage lender to explore all other avenues available to help you repay your loan. If they cannot come to an agreement with you, they are free to begin repossession proceedings. Once the lender has repossessed your home it will almost certainly be sold on in order to recoup their lost costs.

The Stages of House Repossession

Here, we 'll break down the stages of house repossession step by step in order to give some some idea of what to expect so you 're not caught off guard and are prepared for every eventuality. Remember that until step 6 there are still options available to you to delay or

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