Is the Bank soon to repossess your home?
Here’s 5 Steps to Take If The Bank is Repossessing Your Home…
The first step you must take when you undergo mortgage stress is to contact your bank or lender immediately and inform them about your financial situation. If early enough and you still have some stable source of income, they may agree to work out some solutions to sort the temporary setback.
After assessing your situation, if the bank refuses to help or adjust the repayment scheme to suit your financial capacity, they may inch towards repossessing your home.
Try to keep in touch with the bank and request them politely to reconsider their thoughts on repossession.
If your bank or lender is not relenting on its decision to repossess your home, and they are going ahead with the legal proceedings of house repossession, you may not have many options to work things out with them. When they are going legal, you too can prepare your defences legally.
The following are the five steps you can take when your bank is about to repossess your home:
1) The first step is to collect all your income-related documents and monthly bills to prove it before the court that you are indeed going through financial stress. Get in touch with the bank, give them the copies of the documents, and try to convince them to reconsider their decision.
2) You can also apply for financial hardship assistance from your bank. If your bank refuses, you can approach an external dispute resolution scheme. If approved by the EDR, even if the bank has a court order for home repossession, you can stop them from enforcing the legal proceedings.
3) Check the Default Notice that you have received from the bank and see if there is any incorrect statement of repayment amount or period. If you find that the debt amount or repayment is exaggerated or understated in the notice, you can legally invalidate the notice and halt the repossession.
4) You can also obtain a stay order from a higher court when your bank comes with a court order to repossess your home. This will work only when you have genuine arguments to present before the court like refinancing or imminent sale of property, so that the court may consider them and grant you the stay.
5) Immediately seek the help of an experienced Foreclosure and Repossession Advocate near you for more information on how to defend your home legally from being repossessed by the bank. Experts like Property Solutions for Australia can offer you a wealth of knowledge that will help you build a good defence against the repossession proceedings.
If you need help now – call us on (02) 8006 0420
Alternatively you can CLICK HERE and get instant access to a FREE report on the “7 actions you can take immediately when you can’t pay your mortgage!”