There are many reasons why you may not be able to repay your secured loan on the agreed dates. This causes lenders to repossess your valuable property (used as collateral for the loan). This could be your car, house or even a piece of land but no matter what it is losing it is not a good option. You can actually stop repossession at any stage of the intervention by the lender. How can you do this?
Request for More Time
If you think you can be able to cover all the remaining payments soon, you can request for addition of time. This can be done through Repossession discussions with the lender or court hearings on the matter. When this time is added, try your level best to pay off all the remaining arrears before the time period expires. If this time expires before you can pay off your debt then there will be no option but to let the repossession continue.
Sell and rent
If the mortgage company is the one that wants to repossess the home, an option is to sell the home to a willing buyer and then rent it. This way, you will have the money to pay to the lender but will not have to move from the house. Also, you will get to sell your house for the value it is worth instead of leaving this task to the lender who will sell the house in an auction for a value below the actual one. What is more? You could even buy the house back when you are more settled. There are many companies that offer this as a service making it convenient to avoid repossession.
No matter how much it is that you owe lenders, the best way to stop repossession is to do it as soon as the process begins. The sooner you do so the better your chances of getting the property back.