Having your home repossessed can be an extremely stressful situation to be in. You may find yourself in financial struggles as well as facing the prospect of being homeless. A creditor can only rightfully repossess your home under certain circumstances, and sometimes, mistakes are made.
If you are facing the repossession of your home and you have reason to believe that the repossession is a wrongful one, it is important to read more about the law. Once you understand the ways a wrongful repossession can be proven, you will be more empowered to take action.
When does a creditor have the right to repossess?
In order for a creditor to have the right to repossess your property, you must be in default of the loan. Your loan contract will state the more exact terms in regard to when a home can be repossessed. If you believe that your creditor did not act within the terms of the mortgage agreement, you should consider taking action. As proof, you will need proof of your payment history, proof of repossession and a copy of your mortgage agreement.
What are the procedures that a creditor must adhere to?
A creditor might act wrongfully even if they had a right to repossess the property. As an example, most states demand that the creditor gives notice to the debtor within a given time frame before the repossession takes place.
If you are suffering because of a wrongful repossession, it is vital that you take action to stand up for your rights. There are many protections in place for debtors who have been treated unfairly.
