For a homeowner, facing repossession can be one of the most emotional and stressful times they could every experience. Regardless of how you got in that financial situation, whether from health problems, job loss, death in the family or just too many bills, it’s important that you make every effort to straighten the problem out as soon as possible.

Too many homeowners are ashamed and embarrassed to admit they can’t meet their monthly bills and continue to miss their bond payment. It’s important that you not be shy about getting help from your bank. Even though banks are known for having deep pockets and getting legal assistance when customers don’t make their bond payment, they will only repossess your home if you leave them no choice.

Contact the bank as soon as you see you are having financial problems. The earlier you contact the bank, the more willing they are going to be to help you. In addition, it’s always easier to catch up if you’re not that far behind. There are several options you can suggest to the bank that may help you to save your home and prevent repossession.

Banks often offer a “grace period” or “holiday” period to help customers that are having trouble keeping up with their bond payment. This is a certain number of months, often 3 to 6, where the customer doesn’t have to make their bond payment. This is often the easiest way for the customer to get caught up on the bond payment because it allows them time to get their finances in order and pay off other debts that may have been making it difficult to make the bond payment.

Asking your bank to give you a longer bond term may also be very helpful. Most home bonds/mortgages are for 20 years. If you have your bank extend it to 30 years, you’ll have lower payments, which may lessen the stress your pocketbook has been feeling. You will be paying more interest with a 30-year term but your payments will be smaller. When your finances are in better shape you can always ask the bank to change it back to a 20 year bond. But, in the meantime, it will help you out.

The important thing to remember is that all hope should not be gone because you’re behind on your bond payment. Repossession doesn’t have to be the only option left for you. Even if you’ve waiting too long to contact your bank, there are still options available for you so you can save your home. Repossession companies are one option that many homeowners use to save their home from repossession.

Repossession companies will swoop right in and save the day for you buy making an offer to the bank to buy your home so it will not be repossessed. Not only is this a great way to help homeowners protect their credit rating but they also have the option of renting their home from the repossession company or possibly buy the home back when their finances are better. So, don’t give up hope repossession is not your only option, there is always some way to stop repossession of your home.