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Losing your property due to repossession is not number one of anyone’s list. Although it’s the most feared situation of any property owner, many make the mistake of almost “welcoming” it when they find themselves in the daunting circumstances of not being able to make their bond payment.

Homeowner’s often find they are unable to meet their financial obligations with the bank for a variety of reasons. The reasons may be illness, divorce, death in the family, redundancy, to name just a few. In spite of the reason, falling behind on your payments can be stressful and frightening. Many real estate owners feel they don’t know what to do and feel trapped so they do nothing. This is a big mistake, there are ways and means to stop repossession of your home.

When homeowners first buy their home and sign for their bond/mortgage, they make an agreement with the bank to make monthly payments until the bond is paid in full. They have full knowledge that if they don’t make the payments, their house may be repossessed. Nonetheless, once they start to have critical financial difficulties, they tend to resign themselves to the fact that their property is going to be repossessed without fully understanding the consequences and many effects of repossession.

In spite of what many people believe about repossessions, banks don’t stand to make a large profit when they repossess a home.  Homeowners also have the mistaken belief that if the bank repossesses their home and sells it, they’ll get a huge profit and give it back to the homeowner so they can pay off other debts. This isn’t how it works when your house is repossessed in this country.

The bank does not care about the value of the home and have no real interest in owning the home or property. All they are interested in is selling the home for enough money to get their money back-only the money that is owed on the bond plus any possible expenses they’ve had to put out involving the repossession.

The home or property will be given to the Sheriff to sell at a Sheriff’s office. This must take place before the bank will become the new owner of the home. The bank will be at the auction to bid on the property; however, they will only be bidding as high as what is owed on the home bond. They’re not concerned with the true value of the home or if they could get more money than is owed. Once the home is finally sold to the highest bidder, the Sheriff will pay off all creditors and give the balance to the seller. Houses that are sold at a Sheriff’s auction seldom get sold for more than the house owner owes the lender. So, one effect of repossession is that you will lose your house and will not get any of the cash. As mentioned previously you are able to prevent repossession if you explore your options. In any market, selling property can prove to be a taxing task.

Another major effect of repossession is that your financial situation will be affected for many years. If you’ve undergone repossession, you will have difficulty obtaining credit for many years to come. This can and will affect your life in plenty of ways, possibly even more than the actual repossession. These are things that should be considered carefully before you decide repossession is your only option.

There are few things in life that are more hectic and scary than the thought of having your property repossessed and losing everything you have. Yet many homeowners are being faced with this very daunting and devastating possibility. When homeowners are threatened with losing their home because they can no longer make the bond payment each month, it’s frightening and extremely depressing.

You start getting threatening letters in the mail and it seems like your phone just won’t stop ringing from the constant debt collectors. Your first instinct is to take the phone off the hook, don’t read the mail and lie down and cry. It’s doing these things that cause many property owners to actually lose their house when there may have been answers to their problem.

The rate of home repossessions in South Africa has been very high in recent years and many homeowners may have been able to prevent losing their home if they would have been prepared and not chosen to ignore the problem. Unfortunately, a lot of people don’t know that there are solutions that can avoid repossession. There is help available out there. All you have to do is reach out for it. If more homeowners in South Africa were aware of some of the possible solutions, the rate of home repossessions would drop drastically.

Many of the solutions mentioned you may have already been aware of but they are extremely important. Talking to your bank is probably the most important step you can take to prevent repossession.If you get hold of them as soon as you realize you are going to be unable to make your payments, they will be much more willing to help you work out a solution to help you both. Since repossessing a property is expensive to the bank, they do not want to repossess it unless it’s absolutely necessary.

There are several options the bank may provide you with to assist you in lightening your financial load and allowing you to keep your house. Many banks will offer you a “holiday” or “grace” period where you won’t have to make your bond payments. This period may be from 3 to 6 months and will give you enough time to get your finances in place, pay off other debts, and find employment or whatever needs to be done to help your financial situation.

Lengthening the term of your bond may also be of great assistance. Most South African bond agreements are for 20 years. By extending your term to 30 years, you may be paying more interest but you’ll be paying a lower monthly bond payment. You can always revert back to the 20-year term when your finances improve.

Banks may even be willing to lessen the balance on your bond. While this may be the option the bank least likes, they may still consider it because they’re still getting money, even if it’s not as much as they would like. They still consider it a better option than having to go through the expensive and lengthy process of a house repossession.

If all else fails and you can’t work something out with your bank, don’t waste any time and contact a repossession expert. They’ll not only give you helpful advice but may also buy your property from the bank with cash so it is not repossessed, a process that will devastate your credit history for many years. Selling property when facing repossession can be a very distressing and intimidating time for the property owner as well as their family.

Repossession companies can provide an answer to real estate owners who are struggling financially. If you’re having difficulty making your monthly bond payment, repossession may seem like a real threat to you. Contacting your bank for help is always the first step you should take to stop repossession. Sadly, many people are ashamed, embarrassed or just plain frightened to contact their bank and admit they’re having financial problems.

What makes matters even worse is when they ignore the phone calls from the bank trying to help them resolve their problems. They wait until it’s almost too late and repossession is imminent. Then they wonder what they can do besides give up. A solution that many property owners are choosing is repossession companies. Repossession companies can do many things for property owners who are at risk of losing their property to repossession. Some of these things include:

– Free credit counseling or putting you in touch with help
– Free evaluation of your financial situation
– Services provided with no fee (in most cases)
– Buying your property from the bank to prevent it from being repossessed
– Delay the eviction period
– Renting the property back to you so you don’t have to move
– Selling the home back to you when your finances improve

If you are at risk of having your home repossessed, a repossession company will step in and buy your home from the bank. They won’t purchase it at market value but they’ll usually offer to pay 70% of the market value. Homeowners seldom are able to make a profit when they’re selling their home under these circumstances so the value isn’t a worry to them because they are getting help to avoid having it repossessed. A lot of property owners who cannot make their bond payment and are scared of their house being repossessed aren’t sure when it’s the right time to see a repossession company and this can be a good way to prevent repossession in any situation.

Interest rates seem to be constantly increasing every day. When interest rates increase, the payments on many bonds also increase as well as the balance on your bond. If you’re already struggling to make your payments every month, higher interest rates are only going to make things more difficult. Here is where repossession companies can really help you.

Repossession companies can step in and offer the bank cash for your home. One of the major pitfalls of losing your property to repossession besides losing the property itself is what it does to your credit history. When repossession companies buy the property for you, you will not have a record of repossession following you for many years, making it almost impossible to get credit for up to a decade. It’s clear that any home owner would rather stop repossession of their home and selling property when under pressure can be tough!

Repossession companies can also delay the eviction period for you and, after purchasing your home, can rent it back to you so you and your family can continue to live in your home. Repossession companies are very fast with their services and can complete your sale quickly, which will help your credit and relieve you of the pressure and worry about repossession.

Property owners are losing their houses through repossession now more than ever before. This can be a very daunting experience but one that can possibly be avoided if the correct steps are taken at the first sign of financial problems.

Many house owners feel humiliated or embarrassed when they cannot make their bond payments on time anymore. When the bank attempts to contact them, they avoid them rather than face their difficulties head on and stand the chance to stop repossession of their home. Your payments are not going to make themselves and the bank is not going to suddenly ignore the fact that you’re behind on the payments. In actual fact, ignoring the bank and not speaking to them is only going to make matters worse for you and your family. You are not the first person to not be able to make their bond payments. The economy has taken a hit on many people so don’t feel like you’re alone and helpless.

The possibility of losing their home is a very stressful thought that can damage a person’s physical as well as mental health. In a lot of cases it’s not through any fault of the property owner. There is however light at the end of the tunnel with regard to one being able to prevent repossession completely. Often circumstances such as poor health or loss of job create problems that cannot be helped. Too many real estate owners facing a potential repossession feel they are going to lose their property regardless of what they do, so they do nothing. This is a big mistake.If you choose to deal with the problem and the bank sooner rather than later, you’ll increase your chance of keeping your home rather than having it repossessed.

Just giving up on your house and turning the keys over to the bank can cause many serious consequences for you and none of them good. Your name will not only be black-listed at banks and financial lenders but you’ll also have a very bad credit record. If you do get black-listed or damage your credit record, you’ll most likely find yourself banned from financial institutions from 5 to 10 years. Having a bad credit record will make it impossible to get another bond for a home, get approved for credit cards of any kind, cell phone accounts or even rent a property as almost all landlords do a credit check before renting out their property. In other words, losing your home to repossession will just be the beginning of your financial difficulties. Don’t let a potential repossession ruin your life. Take steps now to help yourself!

At the first sign of financial difficulty that you know will prevent you from paying your bond, get hold of your bank. They honestly do want to help you. When a home is repossessed, no one really wins. They are going to be more lenient and willing to assist you when you contact them rather than making them “hunt you down” with letters and repeated phone calls that get ignored.

The bank may have different options to help you get through your rough spot. A holiday period is often an option banks offer to their customers to help them keep their home. This may give you from 3 to 6 months where you don’t have to make any bond payments. This holiday period will give you time to get your finances in order. Selling property is not a petty task so this holiday period can really be of benefit to you. Another option they can suggest is lengthening the term of your bond. This will allow you reduced payments. Your only option to get these offers, however, is to contact your bank and let them know about your situation.

Losing your house because of repossession is dreaded by many people. Although it’s the most feared situation of any property owner, many make the mistake of almost “welcoming” it when they find themselves in the daunting circumstances of not being able to make their bond payment.

Homeowner’s often find they are unable to meet their financial obligations with the bank for a variety of reasons. The reasons may be illness, divorce, death in the family, redundancy, to name just a few. In spite of the reason, falling behind on your payments can be stressful and frightening. Many real estate owners feel they don’t know what to do and feel trapped so they do nothing. This is a big error, there are methods and means to prevent repossession of your house.

When homeowners first buy their home and sign for their bond/mortgage, they make an agreement with the bank to make monthly payments until the bond is paid in full. They have full knowledge that if they fail to make the payments, their home may be repossessed. However, once they begin to have severe financial difficulties, they tend to resign themselves to the fact that their home is going to be repossessed without fully understanding the consequences and many effects of repossession.

In spite of what many people believe about repossessions, banks don’t stand to make a large profit when they repossess a home.  Homeowners also have the mistaken belief that if the bank repossesses their home and sells it, they’ll get a huge profit and give it back to the homeowner so they can pay off other debts. This is not the way it works when your property is repossessed in this country.

The bank does not care about the value of the home and have no real interest in owning the home or property. All they are interested in is selling the home for enough money to get their money back-only the money that is owed on the bond plus any possible expenses they’ve had to put out involving the repossession.

The home or property will be given to the Sheriff to sell at a Sheriff’s office. This must take place before the bank will become the new owner of the property. The bank will be at the auction to bid on the house; however, they will only be bidding as high as what is owed on the property bond. They’re not concerned with the true value of the home or if they could get more money than is owed. Once the home is finally sold to the highest bidder, the Sheriff will pay off all creditors and give the balance to the seller. Houses that are sold at a Sheriff’s auction seldom get sold for more than the house owner owes the lender. So, one effect of repossession is that you will lose your house and will not get any of the cash. As mentioned before you can prevent repossession if you look at your alternatives. Regardless of the market conditions, selling property can be a stressful task.

Another major effect of repossession is that your financial situation will be affected for many years. If you’ve undergone repossession, you will have difficulty obtaining credit for many years to come. This can and will affect your life in many ways, even possibly more than the actual repossession. These are things that should be considered carefully before you decide repossession is your only option.

Repossession companies can be the solution to many homeowners with financial worries. If you’re having difficulty making your monthly bond payment, repossession may seem like a real threat to you. Contacting your bank for help is always the first step you should take to prevent repossession. Sadly, many people are ashamed, embarrassed or just plain frightened to contact their bank and admit they’re having financial problems.

What makes matters even worse is when they ignore the phone calls from the bank trying to help them resolve their problems. They wait until it’s almost too late and repossession is imminent. Then they wonder what they can do besides give up. An answer that plenty of real estate owners are choosing is repossession companies. Repossession companies can do many things for property owners who are at risk of losing their property to repossession. Some of these things include:

– Free credit counseling or putting you in touch with help
– Free evaluation of your financial situation
– Services provided with no fee (in most cases)
– Buying your property from the bank to prevent it from being repossessed
– Delay the eviction period
– Renting the home back to you so you don’t have to move
– Selling the house back to you when your finances recover

If you are at risk of having your property repossessed, a repossession company will step in and buy your house from the bank. They won’t purchase it at market value but they’ll usually offer to pay 70% of the market value. Homeowners seldom are able to make a profit when they’re selling their home under these circumstances so the value isn’t a worry to them because they are getting help to avoid having it repossessed. Plenty of real estate owners who cannot make their bond payment and are terrified that their property may be repossessed aren’t sure when it’s a good idea to see a repossession company and this can be the best way to prevent repossession.

Interest rates seem to be constantly increasing every day. When interest rates increase, the payments on many bonds also increase as well as the balance on your bond. If you’re already struggling to make your payments every month, higher interest rates are only going to make things more difficult. Here is where repossession companies can really help you.

Repossession companies can step in and offer the bank cash for your home. One of the major pitfalls of losing your house to repossession besides actually losing your property is what it does to your credit history. When repossession companies buy the home for you, you will not have a record of repossession following you for many years, making it almost impossible to get credit for up to 10 years. It is obvious that any property owner would rather avoid repossession of their property and selling property when pressurized can be a nightmare!

Repossession companies can also delay the eviction period for you and, after purchasing your home, can rent it back to you so you and your family can continue to live in your home. Repossession companies are very efficient with their services and can complete your sale fast, which will help your credit and relieve you of the pressure and distress about repossession.

There are few things in life that are more hectic and scary than the thought of having your property repossessed and losing everything you have. However many property owners are being faced with this very intimidating and distressing possibility. When homeowners are threatened with losing their home because they can no longer make the bond payment each month, it’s frightening and extremely depressing.

You start getting threatening letters in the mail and it seems like your phone just won’t stop ringing from the constant debt collectors. Your first instinct is to take the phone off the hook, don’t read the mail and lie down and cry. It’s doing these things that cause many real estate owners to actually lose their property when there may have been solutions to their problem.

The rate of home repossessions in South Africa has been very high in recent years and many homeowners may have been able to prevent losing their home if they would have been prepared and not chosen to ignore the problem. The unfortunate thing is that many people are not aware that there are other alternatives to allow you to stop repossession. There is help available out there. All you have to do is reach out for it. If more property owners in South Africa were aware of some of the possible solutions, the rate of property repossessions would decrease drastically.

You may already be aware of many of the solutions mentioned, but they are critically important. Chatting to your bank is probably the most important thing you can do to prevent repossession.If you get hold of them as soon as you realize you are going to be unable to make your payments, they will be much more willing to help you work out a solution to help you both. Because repossessing a home is so costly to the bank, they do not want to repossess it unless it’s absolutely necessary.

There are several options the bank may provide you with to assist you in lightening your financial load and allowing you to keep your house. Many banks will offer you a “holiday” or “grace” period where you won’t have to make your bond payments. This period may be from 3 to 6 months and will give you enough time to get your finances in place, pay off other debts, and find employment or whatever needs to be done to help your financial situation.

Extending the term of your bond may also be a great help. Most South African bond agreements are for 20 years. By extending your term to 30 years, you may be paying more interest but you’ll be paying a lower monthly bond payment. You can always revert back to the 20-year term when your finances recover.

Banks may even be willing to lessen the balance on your bond. While this may be the option the bank likes the least, they may still consider it because they’re still getting money, even if it’s not as much as they would like. They still consider it a better option than having to go through the costly and time-consuming process of a home repossession.

If all else fails and you can’t work something out with your bank, don’t waste any time and contact a repossession expert. They’ll not only give you helpful advice but may also buy your property from the bank with cash so it is not repossessed, a process that will devastate your credit history for many years. As you are aware, selling property when facing repossession is usually a very worrying and overwhelming time for the real estate owner as well as their family.

Facing repossession can be a very emotional time in our lives. At the end of the day, as emotional as it is, it needs to be dealt with as soon as possible. It is no myth that a dliemma as serious as this won’t simply vanish into thin air if action is not taken. Many property owners unfortunately do tend to have this attitude as they are unaware of how to deal with the situation at hand and it’s a lot easier to just run away from the problem. It is natural to think that we are doomed either way when the bank informs us that they are about to step in and repossess our property. Hard times like this can really put alot of pressure on one’s personal life and health if it go’s on for too long. Yet it does not have to be this way, because you can stop repossession.

It is important to remember that there is no reason to be embarrassed about your situation if facing repossession. These things tend to happen in life and are often caused by no fault of our own. Instead of hiding from reality, the best thing to do would be to take action immediately in order to stop repossession of your property.

It is natural for most home owners to feel like giving up and simply handing the keys over to their bank, however this can have extremely negative repercussions down the line such as obtaining a bad credit record. This typically means that the home owner’s name  will be black-listed. Should a home owner become black listed they will not be able to get credit from any lending institutions at all. Having a bad credit record would also mean that something as basic as renting a home in future may prove to be difficult as most landlords perform credit checks before signing a tenant up. They will also be declined for basically any type of credit application that they apply for. This would include applications for credit cards, shopping accounts, cellphone contracts etc.

Fortunately the news is not all bad and there is light at the end of the tunnel. The list below outlines the basic actions one should take in order to prevent repossession.

The actions listed below should be taken by all property owners who are looking to prevent repossession:

– Make contact with your bank as soon as possible and let them know of your dilemma. They will generally be understanding and will respect you for being open and honest. This will also tend to make the bank follow a more lenient and understanding approach when tackling the situation with you.

– Arrange for a longer bond term. If your bond is currently over a period of 20 years, you could request to change the term to 30 years. This will decrease your monthly repayments by a small amount. Even though it wont be a great amount, every little bit helps.

– Make an effort to arrange a ‘holiday’ period. This is typically a 3 to 6 month period in which you do not have to make any bond repayments. This time period will assist the property owner in getting back on track with their financial situation.

Then, as an absolute last resort, there are fortunately people out there who specialize in helping distressed home owners out of their situation. These repossession services are usually made up of a group of property investors who specialize in purchasing houses for cash and as a result provide home owners with an instant and guaranteed home sale before the bank swoops in and proceeds to repossess the home. These repossession services may not offer the full market value for the property, but instead will offer up to around 70% to 80% of the market value for a quick and hassle free sale. This can sort out the home owner’s problem pretty fast because these companies understand how the lenders operate.

At the end of the day the idea is to arrive at a ‘win win’ situation where the property owner is helped out of a very stressful situation, the property owner’s account is paid up and their credit history is kept in tact. As a trade-off for providing this service to the real estate owner, the property investor gets to buy the house at a slight discount, and everybody is happy. These services will even allow the real estate owner to remain in their house after the sale, renting it back from the repossession company which can be very helpful if the real estate owner intends to remain in their house.  

It seems clear that using the services of a repossession company who are able to buy homes for cash far outweighs sitting around and simply ignoring the problem at hand only to have the bank step in and claim everything the property owner owns, and ultimately leaving them with nothing but a bad credit record. It is extremely important that the home owner gets hold of such a service while there is still time to avoid the repossession. Contact Easy Home Sales today to find out how they can help you out of your predicament today.