Even though the prospect of people losing their homes through repossession is such a scary possibility, it is however a reality and many people are finding themselves having to contend with the bitter facts that it is going to happen to them.
Many people in such situation always wish there was a way they could stop repossession and somehow continue to stay in the place they have called home for some time.
The greatest thing you can do to minimize damage control is take charge of the unfolding process by knowing what options are open to you.
You know that when you have skipped your mortgage or secured loan repayments you are going to receive letters from your lender.
You try to explore all other avenues and all you can see ahead of you is an imminent eviction because your lender wants to have their money back.
When you have found yourself in such a situation you will be best placed to look for a quick solution through a quick sale of the house to get fast cash before the creditor gets in to help you sell it.
With the system of selling for fast cash, you can salvage your house even if you have already received notification for court hearings and even as far as when you have received an eviction notice.
You get control of the whole situation when you sell the house yourself and also avoid paying any expenses regarding the transaction.
Compared to other traditional ways of selling houses, you will also be in control of the price the house will fetch as opposed to selling through a property agent or an auction.
One of the most popular quick sale options is the sell and rent back that also allows you to continue to stay in the same house albeit paying rent as opposed to mortgage.
When you dispose the house in question through sell and rent back you also stand to gain by getting back any equity that remains after the sale has been concluded.
You therefore may just get some extra cash to try and square out any other debts you may have and therefore could begin your credit life with a clean slate.
When your debt has been reduced to a level that is manageable, it may become probable that you can even consider the possibility of acquiring the same house you lost when you have regained some financial muscle.
When you deal with a reputable firm you will not only be able to know how much the house will fetch but also when that is going to be.
With a certificate of offer you will stop any repossession process in its tracks because should it go on to the end you will suffer a great deal of untold damage, both socially and financially.
Add that to the fact that you will become blacklisted by credit bureaus and you don't want to imagine it at all.
If you let the mortgage company to sell off the house for you they will sell it most likely at an auction and many times they do not fetch enough money to pay up the arrears, which means that they will still come to you asking for any balances that will still be due.
You will be in double trouble because apart from being homeless you will still be in red and fir the next up to 12 years they will continue asking you for the balance.
That may mean 12 years when you have completely no access to credit.
Take control of the process by contacting a reputable sell and rent back company.