Bank foreclosure is a devastating thing. You will not only lose your home but a lot more. Your credit record will be destroyed and you will find it very difficult to borrow any loans to help you out in the future. However sometimes this is your only alternative. When you receive the letter of repossession you will need to act fast and make a decision. Firstly remember that you do have some options but these will depend on your financial situation. If your problems are only temporary then do consider these options before having to face repossession and all that comes with it. However if you see no improvements in your financial situation then repossession may be your only alternative.

Bank foreclosure means that you have defaulted in your monthly payments and the bank has given you a notice that unless you can come up with the money owed they will repossess your home. This is quite a shocking thing to have to face. However do not panic but understand what your options are. As soon as possible go and talk to your lender and be honest and up front about your financial position. They will be happy to work with you, as they do not want to be stuck with a repossessed house.

What are your options, when faced with bank repossession of your home? Surprisingly there are quite a few. Firstly you can do what is termed as a pre foreclosure loan. This is when you find an investor to pay off your present loan and take over the title of your home. This can be a family member or an agent interested in selling your home for monetary gain. If it is an agent they will sometimes pay you a little more and you will make a marginal profit. In this way you will both win. You will save your home from being repossessed and the agent has made a nice profit. Of course the agent will come out better monetary wise. The lender is happy because he got back his money and will not be stuck with a repossessed house to auction.

Another alternative to bank repossession is a stop foreclosure loan. This can be done if you are not in a very bad financial position, but need a break with your monthly payments. With this loan you will pay off your first loan and start a new one. If you have been paying your house payments for a little while, this could work in your favor. Because the principle will be smaller it will make the monthly payments less. This will certainly ease your financial situation and allow you to get back in control.

Always remember that the bank does not want to foreclose on your property any more than you do. This is because they stand to lose money. When your house goes up for auction, the lender will be lucky if they can get their investment back, as houses go very cheap. Everyone loves a bargain, even if it is at someone else's expense. Take advantage of this situation and after you miss a couple of payments talk to your lender about lowering the monthly payment. They may very likely work with you so they can protect their investment.

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