Property Repossession
- Date: 2007-09-07 - Word Count: 249
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Whatever the case maybe, house repossession is painful and causes considerable mental trauma to the repossessed, if professional advice is not sought on time. However, irrespective of whether you seek the guidance of a financial advisor or you not, there are certain things about repossession you must know. This knowledge is valuable as it will help you fight against odds and not let others take undue advantage of your ignorance on the subject.
Repossession is avoidable
First and foremost, you must know that repossession is not automatic and you can very well avoid repossession. There is lot of written communication that must happen before the lender asks for a foreclosure. Towards that effect, the lender has to send you in writing about your default and the possible repossession in the event of a default. It will be helpful if you are able to seek financial advice of an expert at this stage itself; sound advice can even avoid you going to the court for the settlement.
Second, homeowners cannot be evicted without a formal repossession order from the court. Even if the authorities produce such a letter, you can appeal to the court to stay the repossession for some time, citing difficult circumstances. Your legal expert can guide to file such an appeal with the court.
Finally, do not be disheartened looking at the date mentioned on the court's order, demanding vacating the property on a particular day. You can seek professional guidance for relief even at this stage.
Repossession is avoidable
First and foremost, you must know that repossession is not automatic and you can very well avoid repossession. There is lot of written communication that must happen before the lender asks for a foreclosure. Towards that effect, the lender has to send you in writing about your default and the possible repossession in the event of a default. It will be helpful if you are able to seek financial advice of an expert at this stage itself; sound advice can even avoid you going to the court for the settlement.
Second, homeowners cannot be evicted without a formal repossession order from the court. Even if the authorities produce such a letter, you can appeal to the court to stay the repossession for some time, citing difficult circumstances. Your legal expert can guide to file such an appeal with the court.
Finally, do not be disheartened looking at the date mentioned on the court's order, demanding vacating the property on a particular day. You can seek professional guidance for relief even at this stage.
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Chance Dehal MD Sellupfast www.sellupfast.co.uk. Nationwide Company helping homeowners sell there properties for cash within days. www.sellupfast.co.uk/repossession/property-repossession.htm Your Article Search Directory : Find in Articles
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