When somebody goes to buy a new or second house, the last thought on their mind is the possibility of defaulting on the payments. Their goal is to own a house in which to raise their family and have something of value to leave their children. Unfortunately, occasionally something happens that causes them to be unable to make the payments and the lender files with the courts for mortgage repossession.
While the best way to fight a new repossession order is to make payment of any past due payments and stay up to date, this may not always seem possible. Finding a source to refinance the mortgage at affordable rates may enable a person to pay off the original mortgage and maintain possession of their home, but if they are already in financial trouble, odds are another lender is not going to be willing to take the risk.
While there are some lenders that grant loans to those with credit trouble, the interest rates typically charged will place the monthly payments out of reach for a troubled home buyer, only delaying inevitable mortgage repossession. However, if your credit is not up to par, you may have very little choice in the matter.
Many of the courts do...
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