Many people today are at risk of losing their home to repossession. Repossession is when homeowners fail to make their monthly bond payments and the bank forecloses and takes the home. Before they can own the home, it has to go to the Sheriff and be sold to the highest bidder at a Sheriff’s auction.
Keep in contact with your bank
Homeowners may have trouble keeping up with their payments for many different reasons including sickness, death, loss of job, etc. If you’ve ever had difficulty making your bond/mortgage payment, you know the importance of keeping in contact with your bank and keeping them informed of what’s going on and how you plan to catch up on your payments. Banks can only help you if they know you are having problems so it’s important to contact them as soon as possible so you can meet with them to try to work things out in order to stop repossession on your home.
Don’t give up on keeping your home
Unfortunately, many people wait too long to see their banker either because they’re ashamed and embarrassed or because they feel the bank will not help them. They give up and accept the fact that their home is being repossessed and there’s nothing they can do about it. This is a huge mistake as you can save your home almost right up to the last minute. An alternative that many homeowners use is a repossession company in order to prevent repossession.
What are repossession companies?
Repossession companies can help prevent your home from being repossessed by buying your property and home for cash on the spot, even if the repossession is almost complete. Not only are repossession companies able to buy your home but they also have the ability to delay your eviction so you have time to find other kinds of help. Even if they don’t buy your home, they’re still able to get this extra time for you. They will give you free advice without making you feel that you have to let them buy your property.
What can repossession companies do for you?
Most repossession companies will not charge fees for their service and are very quick in stopping repossession. They’ll even give you a free assessment and evaluation that will come in very handy for letting you know of your options. Repossession companies will do everything they can to help you with your financial dilemma.
Repossession companies are a very good also because if they do buy your property, they’ll often let you rent it after they’ve purchased it. Many homeowners like this because they don’t have to worry about moving out in a hurry and being away from their children’s schools and their work. They also offer the homeowner the chance to buy the home back from them when their finances are in better shape. To homeowners that would lose their home otherwise, repossession companies are like the answer to their prayers. It gives them the chance to always stay in their home and not have to uproot the entire family.
Dale Purdon, director and founder of IMAGINE Properties, Easy Home Sales any many more. Prior to setting up IMAGINE, Dale set out to build his own property portfolio in South Africa where he focused on acquiring high yielding rental properties in the lower end market and gained extensive experience in stock-sourcing as well as portfolio management.