Having your house repossessed by a financial institution is the most horrible experience for anyone. In a recession, the likelihood of repossessed leading to a need for you to sell a house fast due to non-payment of mortgage repayments is quite high. We are in a time where most homeowners are already struggling with the repayment of their mortgage and the inevitable step is mass repossessions by banks and financial institutions over the course of the coming years.
There are tips that homeowners can follow to avoid having their homes repossessed. Strict adherence to these may help save homes.
1. Consult with your lender asap! (more...)