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A lot of homeowners will agree if you say repossession is one of the most horrible situations to be a part of, if borrowers are not able to pay off their monthly mortgage for few successive times, the lender has all the rights to process repossession proceeding. It is a nightmare for most homeowners.If you experience repossession; it is most likely that the whole family will face a major crisis. You need to be smart and think of strategies on stopping mortgage repossession now before things get too complicated to handle. Financial problem should not always be blamed to the borrower. While it is quite true that spending too much on something can result in a major financial trouble, you cannot dismiss the fact that there are situations you could not control such as: job loss, health problem, divorce, economic downturn etc. All of these can make a person spend out of control and lose financially. If you have failed to pay mortgage payment fees and unsure whether you will be capable of paying the remaining installments, then you should expect for the worst that could happen. The lender may start proceedings of repossession as soon as you have missed three or more consecutive payments. Before this will happen and the lender goes to a judge to get repossession order, consider all the options you can think of and see how you can go about stopping mortgage repossession now. Stopping Mortgage Repossession: First and the most important step is communication. Communicate with your lender and be honest about the whole situation. They would usually call you day and night if you have failed to pay mortgage payments. Be honest about telling them that you are undergoing a financial hiatus. If you can honestly think that you are capable of paying after few days, request for a waiver from your lender. Lenders normally waive other financial charges and fees to allow borrowers pay off mortgage. The process of collection is somewhat expensive; so you must let the bank or mortgage company know that you will not be able to pay the arrears. This will stop all the calls and a new offer might happen from the bank to allow you to pay it easy and affordable in your current financial situation. Selling your house is another smart option to consider. This would surely help you with your plan of stopping mortgage repossession now and pay off the remaining mortgage balance in full. The only catch is it is very difficult these days to find a house buyer in such a short period of time, the current market is not too helpful.
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