Stop the Bank from Repossessing Your Investment...Your House!

You have rights too. In today's world it is true, "the one's death is another's bread"! Believe me there are a lot of scavengers out there who want to cash in on your losses. You have the right to be informed about your rights to keep your name from being blacklisted or from being stripped of your valuables...YOUR HOUSE!

What Now?

Well you have fallen behind on your bond payments and daily you ignore the irritating "Private Number" calls on your mobile. You sweat incessantly when your phone rings and you stare at the LCD screen on the mobile phone. Sleepless nights and the bark of the dog outside put you in a freezing disposition, because the doorbell can ring at any time now with the sheriff standing in the door issuing you with a final subpoena. Everyone is quiet inside and even the children can feel the tension in the house as you pray that the person could just disappear. I always say the best way to win is to face the bull and take it by the horns. If you turn your back on the furious bull, it can mean a lot of damage! As an experienced auctioneer I continuously walk into homes where people just packed up and disappeared during the night to escape the embarrassment from friends and neighbors.

Usually people, who lost their jobs, find themselves in this situation. Believe me; the bank (ok, some banks) will assist you in a solution when it comes to something like this. Rather approach a bank beforehand, rather than they approaching you and embarrass. In many cases people give their property up for sale to the realtors and six months down the line your property prospects grew cold and now you are even deeper over your head. When under pressure people tend to make wrong decisions which could lead to a very unhappy family life in the future and a lot of resentment.

Your Options.

Don't wait till it is too late, act today. Make an appointment with the right person regarding your account and put all on the table. You must understand that your monthly payment plus other's has already been allocated for the next clients' loan (That is normal business practice to make profit for the financial institutions). Banks also run according to a budget, and if they know beforehand that you will be unable to come up with a bond payment for the next month or two maybe three, they will make a plan that will suit both you and them. The Bank could suggest that you put your house up for sale, but again, it can take a while before it gets sold, then another 3-4 months must be added before the transaction register which means more accumulated bond payments (back-payments) and interest charged upon interest. Should it be that you got a job within three months or less the Bank can help to adjust your bond re-payments to make up for the lost amounts and interest to suit your monthly budget. But what happens if you do not get a job immediately? Most financial institutions do have a lifebuoy, where they will assist you in assigning a Bank officer to visit you at home to discuss the possibility of auctioning off your property at the highest price possible (You are in control of the reserve price), and the bank pay for the auction procedure (Auction-Boards, Advertising etc.). This is the time when you would rather come clean. The luxury or intension of making a huge profit on an auction must be the last thing on your mind. It is my job as an auctioneer to excite my audience enough with my energy and chanting to make them believe they buy a bargain, yet you and the bank get to come out clean out of the whole deal, and you can continue with your life with a clear credit record. (When you go for job interviews, your credit record is also checked out). Just remember all Auction goers and bidders expect to get the bargain of a life-time. As an auctioneer, I have to protect you (Seller) and the Bank (Co-Seller), while making the bidder (Buyer) belief he purchase a bargain. As you can see we as auctioneers play a very important and crucial role trying to satisfy all the parties' involved.

Thirty percent of the time it happens that we as auctioneers cannot reach the reserve price because of:

* Lack of interest in your property in general

* The economic situation

* Suburb or area your house is situated in

* The house design

* Overcapitalized property

* Or overstretched Bond etc.

Some Banks will try to help by allowing their clients to pay back the balance of the bond over a decided period, interest free. You must remember this way of cooperation between you and the bank cost the bank less than going through the procedure of liquidations etc.

You can also appoint an auctioneer yourself. People going this route usually owe the bank much less than what the house is worth on the open property market. Some auctioneers do have different options to assist you and your budget. Auctioning is not necessarily the best way of selling your property, but it is the fastest way. Eighty percent of the time the seller gets some change out of the whole deal. "Half an egg is better than an empty shell", I always say. When your house goes up for auction, more people pay attention, and chances are you could get the price that you originally wanted. It is a gamble, but you will never know if you do not try. The days of feeling embarrass about your property being on auction is over; it is fast becoming the new fashion of selling properties. Make sure the auctioneer you appoint has compassion and can deliver a good "chant". Attend a few auctions with different auctioneers and see how the process work and secondly who you can trust with your property auction. The auctioneer will market your property through the printing media, auction-boards and through his auction attendance register lists. A good auctioneer will also list your property on all available internet sites, to attract a bigger variety of audience for the auction.

Should your situation be not so extreme, and there is a possibility that you can up the families' income, rather make an appointment with an accredited debt counselor. They can protect you from Sherriff's, debt collectors, irritating "Private Number" calls etc. They also charge a fee, but now you can have some sleep again.

If your financial situation being so bad that you are in "dire straits", the best option will be to get somebody to liquidate you. Again this is nothing to be ashamed of; there are a lot of rich people today that went through this uncomfortable situation before you, some more that other. Get a lawyer that can assist you. Do not allow an Auctioneer or a Bank to tell you differently. Get a proper debtor-list together and see your lawyer today!

Written by Desmond Nel - Auction Rooster ® - Owner and Auctioneer - www.auctionrooster.com to see our Blog Page.