If you have reached the point where you are about to have your car or house repossessed, you have probably not been making payments for some time. In order to stop repossession, you are going to have to come up with some money, because by the time a repossession is ordered, the bank has probably given you all of the chances they are going to give you to pay your bills. The methods to stop repossession on a car differ slightly from stopping a repossession, or foreclosure, on your house.
Stop Repossession of Your Car
In order to stop repossession of your car, the first thing you will have to do is move your car somewhere safe. Once the people who have been ordered to repossess your car find it, there will be very little you can do. Place it where it won’t be found, such as at a friend’s house, to buy yourself some time in order to negotiate. The next thing you will have to do is make a phone call to the bank that holds the loan on your car. Don’t expect much sympathy – once you have gone to repossession, the people at the bank have probably heard every excuse. Speak honestly and openly with the bank representative about how you can stop repossession of you car.
If you are lucky, you will get someone on the phone who is willing to work with you. Still, odds are good that you will have to pay all of the back owed loan payments on the car before you will be permitted to keep it. In order to stop repossession of you car, you will likely have to make a hefty payment to your bank. Of course, if you had the money to pay the loan, you wouldn’t be in this position, but the bank is unlikely to give you much leeway. Take a loan from a friend or family member if necessary in order to pay the minimum amount due to the bank in order to call off the repossession.
If you do manage to stop repossession of your car from occurring, you will have to be more careful about making your payments in the future. With a history of having defaulted on your loan and gone to the repossession stage, the bank will be quick to act the next time you get behind on your payments. You will probably only be lucky enough to stop repossession of you car one time, so don’t make the same mistake again.
Stopping Repossession of Your House
Stopping a foreclosure is a different matter altogether. In order to stop repossession of your house, you are going to have to work quickly. Obviously it is impossible to hide a house, so you have no way of buying time as you might with a car. You are going to have to depend on the kindness of the people at your bank to give you some negotiating room.
In the current economic situation, foreclosures have become all too common. This will actually work in your favor when it comes to finding a way to stop repossession of your home. The banks have lost enough money on defaulted mortgages, and they are generally willing to do whatever it takes to get people to start paying their loans again. this means you have some wiggle room, but you will absolutely still have to come up with some cash in order to convince the bank to stop repossession.
As with a car loan, you probably don’t have the money lying around if you have come this far. A home loan payment is usually a lot more than the average car payment, and the amount owed can quickly skyrocket. Ask your bank what the minimum amount is that you can pay and still keep your home. This is the amount you will have to come up with to stop repossession. With home loans, you are more likely to get the bank to agree to take a smaller amount, as long as you promise to repay the remaining balance within a certain time period.
It is difficult to stop repossession of your car or home, mainly because the bank has already given you many chances to pay, but if you admit to your fault and find a way to pay some of what you owe, it is possible to keep your home or car.