Becoming a homeowner is everyone’s dream. Regardless of where you live or whether you’re single or part of a large family, owning a property is a dream shared by most. Although many people are able to buy a home, not every homeowner is lucky enough to be able to keep their home.

Financial difficulties often make it impossible to continue to make the bond payments, which often make the bank begin the repossession process. This can be a very stressful and frightening experience for the homeowner and their family. Occassionally they have difficulty making their bond payments because of redundancy, health problems, death in the family, divorce or similar problems. Occassionally they are forced to sell, and selling property when stressed and under pressure can be a nightmare task.

Too many real estate owners suddenly give up and think they have no choice but to lose their house just because they are having financial difficulties. What they don’t realize is that they have options to help them prevent repossession.

Contact your banker as soon as you start struggling to make the bond/mortgage payments. This option is listed first because it’s probably the most important. The bank is probably willing to help you keep your house because they often lose money when they have to repossess a house. However, they can’t help you unless they actually know you need help. This is important if you plan to stop repossession of your home.

Ask your banker about a “holiday” or “grace” period. This can be from 3 to 6 months and it is a period where you don’t have to make any payments. Often this amount of time gives the property owner enough time to evaluate and improve their financial situation. This may include finding a new job, paying off other debts or awaiting payment that may be owed to you by someone. Banks are usually willing to help with this if you’re honest with them and don’t wait too long to get hold of them.

Ask that the term of your bond be extended. Many bonds are set up for a term of 20 years. By having the bank extend the term to 30 years, your payments are going to be smaller and possibly easier to make. It’s important to remember that you will be paying more interest on your bond but your monthly payments will be smaller. If your financial situation improves in the future, you can always revert the loan back to 20 years again. You can rely on this to prevent repossession of your property.

Your bank may be willing to negotiate on the overall debt total. This can help you in many ways including less interest, smaller monthly payments and shorter term on your bond. The bank may not get as much as they’d hoped for but they’re going to get what they need so they are still making money and you’re keeping your home. The bank would much rather help you this way than have to go through the expense of repossessing your property.

Contact a property investor or repossession expert for help. Although this may be a last resort, it can also turn into one of the best options. They will often step in and buy the home from the bank before it can be repossessed and sold at auction. Another reason this option works for many real estate owners is because they are often allowed to rent and continue to live in the house.

As you can see, as daunting and stressful as the situation may appear, there are options you can take to avoid repossession. The important thing is to check on these options as soon as you begin having difficulty making your bond/mortgage payments.

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The economy has been very shakey in the past couple of years and homeowners have felt this hit more than others. The South African property market has felt the tough times from home prices falling and many homeowners are afraid they’re going to lose their home by repossession.

Banks are always willing to work with the real estate owners to try to get them back on track with their monthly bond payments. Although banks may have the reputation for having deep pockets to take your money and being eager to take your home away from you, this image is not completely accurate. Banks do not stand to gain a lot when they repossess a house. They may have ownership of the home but they have to bid on it at public auction.

They are not concerned with how much the property is worth. They will only bid on what the borrower owes them - nothing more. So, they are not making a profit, especially with the way property values have dropped recently. Property owners definitely do not stand to gain anything from a property repossession. They maybe won’t have their monthly bond payments to make but they also do not have their home and they have a negative credit report that can haunt them for years. Additionally, selling property under pressure can be a nightmare.

Homeowners that are struggling in South Africa to keep their home from repossession are finding a good solution in ’sell and rent back’ services. Sell and rent back companies are being used more and more now with so many homeowners at risk of losing their home in repossession. The great thing about these sell and rent back services is that you no longer have to lose sleep every night worrying about getting kicked out of your home because you can’t make the monthly bond payments. This is one sure way to stop repossession of your home. These sell and rent back companies buy your home for cash and allow you to stay in the home and rent it from them.

Your life can continue the way it was before you began having such financial difficulties. You’ll still be in your home but won’t have to worry about large monthly bond payments, taxes or the many other financial strains owning a house can cause. You’ll have a chance to get back on your feet financially, without the stress of uprooting your family and having to find another house to live in. Not to mention, if the home was repossessed, you would be black listed with credit companies and would have a difficult time getting credit or even renting a home as landlords also do a check of your credit history before renting out property.

Another great way to prevent repossession is to use a sell and rent back company as they seldom charge fees for their services so you dont have the additional worry of coming up with extra cash. Another great bonus is that they also offer you a buy-back option. In the future when your financial situation improves and you’re ready to buy a home again, you can buy back your home. So, before you give up completely on your house, contact one of the rent and buy back companies and see how they can help you and your family.

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1. The sell to rent back option allows you to release the equity in your home without you having to move.While you might be able to release your equity through other schemes in the market place, they will not give you the option of remaining in your home as a long term tenant meaning you will have to move out of your property immediately. There is no need to uproot your family from their home or your children from their school – you simply carry on with your life, without interruption or inconvenience, whilst having the time plan your next step.
2. The sell and rent back option represents a fast solution to financial difficulties.  The equity in your home can be released within 7 days and so could make the difference between your home being repossessed or not, or the difference of literally thousands of pounds in further interest.You will have no delays since it will be a chain free sale.
3. The sell and rent back your home scheme is easy.As there are no estate agents, you will not be hassled with endless home viewings from potential buyers.  All it takes is for us to assess the value of your property and make you an offer, agree the cost of your future monthly rental payments and complete the deal.  With just one week, you could have the financial freedom to be able to get on with your life without any hassle or undue expense.
4. The sell and rent back option provides you the time to plan your next move and future.There is no need to make a rushed decision which you may later regret as you can stay in your current home for as long or short as you wish.The sell to rentback scheme gives you the much required time to think things through.
5. If you consider a sell to rent back scheme, it will be very discreet.  Selling your house for cash and moving out quickly can be a surefire way to start tongues wagging and, particularly if your reasons for doing so stem from financial difficulties, this can simply add to your distress.  By remaining in your own home and moving on when you are ready, your neighbours, friends and family will be none the wiser.
6. The sell and rent back option can help to improve the quality of your life…without delay.  Whether you need the released equity to start up your own business, send a child to university, move abroad, make a cash purchase on the property of your dreams or bring security to your retirement years, the sell and rent back option lets you do so, whilst moving at your own pace.
7. The sell and rent back your home scheme enables you to lock in the already accumulated profit in your property and secure it against an unpredictable economy.  Why sit tight and watch your equity disappear down the drain when you could cash in on it now and still stay put in your own home?

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Property repossession is probably the most nerve-racking and frightening experience a real estate owner can go through. There is no blow quite as devastating as knowing you’re going to lose your home. Everything you’ve saved for and dreamed about will be gone. As horrible as this sounds, hundreds of people in South Africa, as well as other parts of the world, go through this every year. Their most valuable asset, gone.

The Economy has been very hard on everyone with soaring interest ratings and inflation that just won’t seem to slow down. Homeowners that may have started their home bond paying a low interest rate are now paying a high rate, making it very difficult to keep up with the monthly payments. Some property owners have had to refinance and have two mortgages on their house. With the value of their property decreasing, refinancing is not an option to help them keep up because the equity is just not high enough.

Unforeseen circumstances often cause financial difficulties to homeowners as well. A well-paying job they may have had when they bought their home may no longer exist. Death in the family, divorce, separation or the high cost of living may all contribute to property owners being unable to make their monthly bond payment. The result in many cases is a property repossession. They knew this was a risk when they signed the bond agreement with the bank but never thought they’d be in such a frightening situation.

If any of these circumstances sound familiar to you, don’t give up and feel repossession is your only choice. There are ways in which you can prevent repossession of your property. There are several options. Contacting your bank is always the first step that should be taken. Don’t wait for them to contact you and ABOVE ALL don’t avoid talking to them. If you’re honest with them about your situation and believe there is a way that you can catch up, they’ll want to work with you. No one wins in a home repossession and banks will only repossess a home if there is no other choice for them to get their money back.

Many people tend to give up and feel that repossession is inevitable. They even mistakenly believe that the bank will sell their home and give them any leftover money after the bond is paid and they can start over. This isn’t how repossession works here. The bank will bid on your home at a Sheriff’s auction and will only bid as high as the amount you owe them. So, you will lose your house and any equity you may have in the house. There are however methods to prevent repossession of your home. Selling property to the general public is not one of these methods when you are under time constraints with your bank.

Your credit history will also be badly damaged with a record of repossession. You’ll be black-listed and won’t be able to get credit for up to 10 years. If you thought things looked bad before you lost your property, you’ll find out they are a lot worse after repossession. Repossessions often go so quickly so you won’t really have time to try to sell your home and get a decent price for it.

If you aren’t able to work out a compromise with the bank, your best option may be to contact a repossession company to help you. They’ll quickly purchase your property from the bank so you won’t have repossession on your history. You may also be given the option of renting the home from them or buying it back when your financial situation is better. Although many consider repossession companies as a last resort, it’s often the perfect choice to stop a home repossession.

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No-one wants their home to be repossessed. In fact, it’s probably one of the scariest things any real estate owner could ever face. Not only is it scary and stressful but it can negatively affect your financial situation for years to come.

Real estate owners can fall behind on their bond payments for many different reasons including redundancy, bereavement, divorce or separation or just over-extending themselves financially. When you begin to fall behind in your payments, the bank will contact you to find out what’s going on, why the payments aren’t made and to ask when you’ll be able to make your payment. Selling property is not the easy task you may think it is.

A lot of people make the mistake of avoiding the phone calls and letters they receive from the bank. They live in a sort of denial of their financial situation instead of speaking with their bank about the situation and trying to get it fixed. Banks will try to be understanding of financial hardships if they’re made aware of them but if nothing is done within a couple of months, they’ll usually start the repossession process.

It isn’t that banks want to repossess your home because banks do not make money on a home they repossess. It’s given to the Sheriff to sell at a Sheriff’s auction for the amount that they are owed. They don’t want to do this but will if they are left with no other choice. If they did nothing, they would not make money and it could give them the reputation that would make other bond holders not make their payments.

Contacting the bank and keeping in communication is the first and best step you can take towards improving your financial situation and being able to avoid repossession. The bank will usually work with customers to find solutions that will work for them and help them catch up. If, however, you’ve waited too long and the banks are no longer in a position to help you, there is another solution to prevent repossession of your property. This alternative is a property investor.

Property investors are often also called repossession specialists. Property investors make it a habit of buying homes that are about to be repossessed. Keep in mind that they will buy your home for less than the current market value; usually offering around 70% of the market value. Although this may be a distressing and daunting thought, the positive part is that they will take care of the purchase quickly so the property is not repossessed.

Some real estate owners wonder why they would want a property investor to buy their house. They may think that either way they’re losing their house so what difference can it make if it’s sold or repossessed. The difference is that if it’s sold to the property investor, it will not go on your credit record that you had a home repossessed, which will help you if you want credit in the future. You do NOT want a repossession listed on your credit history. Secondly, the property investor will often allow you to either rent your home from them or buy it back when your finances improve.

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There are probably few things that are more feared by homeowners than the prospect of losing their home. Being a homeowner and having a home to provide for your family is a dream of many but one that can quickly turn into a nightmare when there is a chance of having it repossessed.Having your property repossessed is not only a very stressful experience for the home owner and their family but can also affect their future financial stability.

When you sign your bond or bank mortgage agreement, the terms and conditions state that they can repossess your house if you fail to make your monthly bond payments. You may suddenly have difficulty making your monthly payments due to circumstances that are not your fault such as job loss, divorce, and death of a family member or similar situations. However, the bank has no way of knowing why you are not making your bond payments as promised. And if you are considering selling property to escape from trouble, the task may be more difficult than you think.

Banks will usually contact you by writing or telephone when your payment is one month past due. Do not make the mistake, as many do, of avoiding their phone calls. Be brave and honest and explain to the bank what the situation is so they know where you stand and what they can do to help. Do not make promises to pay a certain amount by a certain time period if you really don’t believe you can keep your promise. This will only make matters worse for you with the bank. Don’t be afraid to ask for their help, this is the answer to being able to prevent repossession of your home. There are many ways banks can help homeowners keep their home but they need to know you want and need their help.

Banks do not like repossessing homes, in spite of the reputation they may have for being harsh and penny-pinching. They do not want the expense and headache of having to repossess your house and sell it at public auction just to get their money back. This is expensive and time-consuming for all involved, not to mention what it will do to your credit history!

Repossession of your home can have your credit black-listed so you won’t be able to get any type of credit for anywhere from 5 to 10 years. This does not apply just to bonds for property but credit cards as well. Even landlords do credit checks before they will rent property. So, don’t make the mistake of thinking that having your home repossessed will be the end of your financial worries. It will be the beginning of troubles you may have for years. There are a number of actions you can take to prevent repossession of your property which include contacting your bank, getting credit counselling and getting hold of repossession companies.

Repossession companies may not be able to help you with your bond payments but they can purchase your property from the bank so it is not repossessed. They will also give you the option of renting your home from them or buying it when your financial situation improves. Most people choose this as a last resort when there is nothing more that can be done to stop repossession.

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When the bank or other financial institution threatens to take repossession of your home it can be a very tense and disturbing period in your life. One of the nastiest things that could happen to us is to be told that the roof over our heads is going to be taken away and there’s nothing we can do about it. This can be rather unnerving and cause a lot of stress in your daily life. However, if you take action you can sell your home to a company who specialises in buying and selling property, before repossession proceedings start.

Actually there are things that you can do to avert repossession from happening in the first place. Most home owners are quite ignorant about this and just allow the banks to walk in and take no steps to prevent repossession of their home. At this point one could get in touch with a company that deals with buying and selling property. But even before you reach this stage, you should first speak to the bank. If you know you are having a financial problem as a result of which you are likely to miss a payment in the coming month or two, you must inform the bank immediately.

Banks are normally pretty understanding and will do all they can to help you out. They normally end up losing money when they take repossession of your house so they will do their best to prevent this kind of situation.
Appeal to the bank for a grace period which is normally three or six months which the bank gives you within which you have to make no payment at all. This is a chance given to the property owner to sort out his financial problems and get his finances back on track.

This is very helpful as it provides the real estate owner enough time to perhaps get a job, sell some other asset he might own, wait for some deposit to mature or a payment which is due which he can use to pay the bank a few months later. Buying time is important so the repossession of your home is postponed at least for a while untill you have a chance to make things right. If that also fails then you have no better option but to sell your property to a company dealing in buying and selling real estate which will allow you to continue staying in your property as a renter or a tenant.

The next option is to ask the bank for a longer bond period rather than have repossession proceedings begin. Most property owners are on a twenty year bond and are unaware that it can be extended to even thirty years. This way your monthly repayment amount will decrease a little but then you will end up paying more interest. So if you are having problems with cash, you can have the bond term increased and then reverted back to twenty years once your finances improve. Or ask to reduce the total debt amount. Some banks will even do this as repossession means more losses for them. If this also doesn’t work for you talk to a property investor or repossession expert who deals with buying and selling property.

Posted under Local Real Estate News

Property ownership is one of the greatest achievements a person can have. They often save for years to be able to buy or build their dream property. Their lifelong dreams of raising a family and growing old in their home can become a nightmare when unforeseen circumstances make it almost impossible to make the monthly payments required to keep their house.

Unforeseen circumstances such as redundancy, divorce or separation, or death are just a few of the many things that can change a person’s financial circumstances and cost them their house if they’re not careful. As dreadful as many of these circumstances may be, they’re often not the fault of the homeowner. Nonetheless, every year thousands of real estate owner’s in South Africa are victims of financial circumstances causing them to have their home repossessed. Also, it is a tough task selling property in a depressed market.

Real estate owners who are at risk of losing their house should always contact the bank at the first sign of financial difficulty. Waiting too long often makes it too difficult to catch up on your own and makes the bank look negatively on you as a creditworthy customer. Banks, in spite of their reputation, are willing to help you and do not wish to repossess your home. No one wins when a bank repossesses a home.

The property owner has lost their property and all the money they’ve stuck into it so far and the bank has to spend a lot of money and time to go through the repossession process. So, contact your bank if you are having trouble making your bond payment. The bank may have many options available to help you get out of your financial dilemma and get you back on track. They’ll often extend the term of your bond so your payments will be smaller, lower your interest rate or even lower your entire balance.

Many customers facing repossession will request a “holiday” period of 3 to 6 months where they don’t have to make any monthly bond payments. This period gives them a chance to catch up on their bond payments as well as other bills they have. If their financial problems came about as a result of a job loss, this is often enough time to find a new job. The banks are willing to help you if you contact them and they feel you are able to repay your bond in the future. This is the first thing you should actually do when attempting to stop repossession of your home.

Unfortunately, some people wait too long or their finances get so bad that they just can’t continue to make the payments. In cases like this, they often feel that repossession is their only option. That’s what they’ve been lead to believe: if they don’t make their payments, their home will be repossessed. But there are ways to prevent repossession.

Repossession companies, however, are available to help homeowners struggling to avoid repossession. They can help you by giving you free financial help and advice or buying your home from the bank so it doesn’t get repossessed. This is a great option for real estate owners who would otherwise lose their house to repossession. Their credit history is not totally ruined from having a repossession black-listing them and keeping them from getting credit in the future.

Posted under Local Real Estate News

Many people today are at risk of losing their home to repossession. Repossession happens when real estate owners can no longer afford to make their monthly bond payments, forcing the bank to foreclose and take the home. Before they can own the home, it has to go to the Sheriff and be sold to the highest bidder at a Sheriff’s auction.

Real estate owners may have trouble keeping up with their payments for many different reasons including sickness, death, loss of job, etc. If you’ve ever had difficulty making your bond/mortgage payment, you know the importance of keeping in contact with your bank and keeping them informed of what’s going on and how you plan to catch up on your payments. Banks can only help you if they know you are having problems so it’s important to contact them as soon as possible so you can meet with them to try to work things out in order to stop repossession of your home.

Unfortunately, many people wait too long to see their banker either because they’re ashamed and embarrassed or because they feel the bank will not assist them. They give up and accept the fact that their home is being repossessed and there’s nothing they can do about it. This is a huge mistake as you can save your house almost right up to the last minute. An alternative that many real estate owners use is a repossession company in order to stop repossession of their home. This can be a far better option than selling property under pressure.

Repossession companies can help stop your property from being repossessed by buying your property and home for cash on the spot, even if the repossession is almost complete. Not only are repossession companies able to buy your property but they also have the ability to delay your eviction so you have time to find other kinds of help. Even if they don’t buy your home, they’re still able to get this extra time for you. They will give you free advice without making you feel that you have to let them buy your home.

Most repossession companies will not charge fees for their service and are very quick in preventing repossession. They’ll even give you a free assessment and evaluation that will come in handy for letting you know your options. Repossession companies will do everything they can to help you with your financial crisis.

Repossession companies are also very useful because if they do buy your property, they’ll often let you rent it after they’ve purchased it. Many real estate owners like this because they don’t have to worry about moving out in a hurry and being away from their children’s schools and their work. They also offer the real estate owner the chance to purchase the house back from them when their finances improve. To property owners that would lose their property otherwise, repossession companies are like the answer to their prayers. It gives them the chance to always stay in their home and not have to uproot the entire family.

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This post was written by admin on September 14, 2009

Tags: avoid repossession, prevent repossession, repossession, sell my house, selling property, stop repossession