Mortgage repossession, also referred to as mortgage repos or repos, as the 21st mortgage.comhas stated is the term that is widely used to describe when a mortgagor or mortgage lender takes back the object which was used by the mortgagee or mortgage borrower as a collateral for the loan – this action is taken oftentimes due to defaults.
One of the worst nightmares that we often have during this worsening economic crisis is the risk of losing our job. Being laid off from our job is an extremely catastrophic event, more so when we have limited emergency savings. Bills and mortgage are two things that we must pay on time on a monthly basis, when we are losing our source of income, it will not take too long for us to face the risk of repossession. Taking a mortgage means we are taking a certain amount of money to purchase a home, and by lending us the money to make our purchase, the mortgagor or lender has a sort of right of ownership of the purchased property – when we have exhausted all of our options and we fall behind your mortgage, the lender may take the property in question without having to go through a court proceeding first. The property will then be sold by either the appointed third party seller or a financial institution such as 21st mortgage repos. However, it is worth noting that the extent of repossession being authorized as well as how the repossession may be executed largely depends on the jurisdiction as one jurisdiction may have a different set of rules governing such proceeding.
Repossession or foreclosure may indeed feel like the end of the world as you lose the roof above your head and face eviction, not only that, if during auction your property did not cover the amount of your mortgage, you are required to pay the remaining amount immediately. With no source of income, having lost your home means you must use your emergency saving for renting a place to live – if you are required to pay the remaining of your uncovered mortgage, you most likely will be left with nothing in the end. Understanding the issue, 21st mortgage reposcome up with a few alternatives to help homeowners facing such hardships.
If you are facing this issue and are worried not being able to pay your mortgage during the predetermined period, you may contact 21stMortgage to ask for assistance, their Financial Counselors will then review your issue and help you guide through their various available options.21st mortgage repos alternatives may differ from one mortgagee to another, however, some of the available alternatives that are often given by 21stMortgage to their borrowers are as follows:
- Payment Assistance,
- Repayment Plans,
- Loan Assumptions, and
- Debt management programs with one of the appointed independent, non-profit agencies.
In order to determine the available options to assist you, 21stMortgage requires documents as follows:
- Recent pay stubs
- Monthly utility bills
- Tax returns
- Medical or other type of bills which are unanticipated in nature.