There’s nothing more stressful than having a repossession writ served on you. From the recent studies, it has been identified that many people do mistakes when the situation reaches a point where the financial institution seeks the assistance of court in order to repossess your property. Here are 10 such common mistakes.
1. Challenging the repossession writ in court: There are some people who fight against the repossession writ at the court. You should not try that under any circumstance unless you are 100% sure of winning. Even though many people fight against their repossession writs, only few of them have a good chance of winning. You should also keep in mind that the financial company that you are fighting against has more money and they are ready to spend money on your case.
2. Allowing the financial company to take control of your property: If you allow the financial company to take control of your property, your chances of not getting anything is high. They will sell it and sue you for all the damages. Always keep in mind that the financial companies don’t care about what they sell as long as they get a good value for it. Even if they sell it, they will think of charging selling fees, sheriff’s fees, solicitor fees and other related expenses from you.
3. Threat of not seeking the assistance of a third party: If you don’t have a good understanding about the rights and law, you need to seek the assistance of a third party, who is aware of the facts. If you try to negotiate the things with a creditor without such assistance, you will not be able to gain advantage out of the arguments. The creditors will never explain your rights as it will not benefit them. Therefore, you should know them and take necessary actions accordingly.
4. Negotiating the things with the creditor: If you have someone to help you with law, you will be able to negotiate the things with the creditor. It is recommended to get the help of someone who is aware about the laws that are related to mortgages and overdue debts. Then you can get a better perceived power, which can benefit you at the end of the day.
5. Waiting too long for assistance: As I mentioned earlier, many people who face this situation are drowned in stress. Then they wait for a long period of time without asking for assistance. Once you face such a situation, you need to get in touch with the right people as soon as possible. Waiting too long for help can put you in trouble. The earlier you get assistance, the better the outcome that you will get.
6. Trying to do everything yourself: Many people do not have the necessary knowledge or skills that can help them to deal with a repossession case. If you are like that, you should not try to do it all yourself. If you try to deal with the situation, you may be asking for trouble. That’s why it is always recommended to go for the assistance of a company that specialize in providing solutions for the people in need. A lot of companies offer solutions for the people who are facing financial difficulties. Selecting a reputed one out them can be considered as a great investment done towards your future.
7. Being too embarrassed to get help: You don’t need to be embarrassed if you need any financial help from someone. Many people are too proud to ask for help and they wait until the situation gets worse. When the sheriff comes to your place in order to repossess your property, you will have to face a lot more embarrassing situation. That’s why you need to get passed your pride and look for help.
8. Not trying to discuss things with the creditor: When the creditor offers you a warning before the repossession, you should not ignore it. It’s because they think that it’s better to sneak away from discussing things with the creditor. But if you try to discuss about the situation with your creditor, you can get more relief. You just need to give them a phone call and inquire about the situation. Then you can find a convenient solution that can provide them the money they are owed before repossessing your property.
9. Becoming argumentative or hostile: People in the financial company who are dealing with your repossession case are obviously human beings and they also have emotional feelings. If you are too aggressive, they will not tend to help you. Instead, they will tend to give you a hard time and make the situation worse. That’s why you need to keep calm throughout your repossession case and wait until things get better.
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10. Putting your head in sand: Many people who receive a repossession writ tend to put their head on sand, thinking that everything will go on their way. But in reality, it will not. You need to take proactive steps in order to solve the situation. However, you should not take your time when dealing with a repossession case. You need to act as soon as possible. If you are quick, you will be able to find the most convenient solution within a short period of time.
These are some of the common mistakes that people do when they receive a repossession writ from a financial company. If you are from Massachusetts, you can get the help of the reputed repossession companies inMassachusetts. Mass Recovery holds a prominent place out of them. They have the ability to deal with a wide variety of repossession cases. It has assisted them to maintain an excellent reputation over the past few years among auto repossession services in MA.