In order to avoid repossession, you must be proactive in finding a solution to your financial situation. Here are some proven winning strategies that work to stop repossession:

1. Mortgage Audit Service

Hire an experienced property solicitor to do a mortgage audit to determine if your lender committed any fraud or violated any truth and lending laws at the time they issued your mortgage and you signed loan papers. You would be surprised as to how many mistakes are made by lenders in this regard. If your solicitor discovers, errors you could cancel the entire loan or just use the information as a bargaining chip with your lender to stop the repossession. Since only a property solicitor is qualified to do this type of review, don't fall prey to others that say they can perform this service for you.

2. Refinance

By refinancing your existing loan with a lower interest rate loan, your new loan pays off the old loan. If you need extra cash, you can take out a percentage of your equity and use it for pressing financial matters or just a vacation or extra income. Refinancing works the best if you have a variable interest rate loan and you refinance to a fixed rate loan.

3. Communication

Communicate early on with your lender to work out a solution.

4. Sell and rent back

Sell your home to a sell and rent back company or investor and arrange to rent back your home for as long as you need to get back on your feet. This way you don't need to displace your family right away and you can save some money. Beware of persons who prey on distressed homeowners with scams. Verify the company and get references.

5. Put your home up for sale

Take the sale proceeds from the sale of your home, and pay off your mortgage. You can use the rest of the money for whatever you need and don't have to worry about your late mortgage payments or the threat of repossession.

6. Rent your home out

If you can get a higher market rent than your mortgage payment, then rent your home out and move to a less expensive place providing your rental income covers your new expenses as well.

7. Rent Out a Room in Your Home

Rent a room in your home or add a room above your garage as a rental apartment so you can receive income. Be sure to check with your local council for any planning permission that may be required.

8. Short Sale

Get your lenders approval to sell your home through a short sale process. Your lender will write off the remaining loan balance and you can walk away owing nothing.

9. Mortgage modification

Mortgage modifications have become popular methods to stop repossession. You get to stay in your home, and your monthly mortgage payment is reduced to a sum you can afford. However, keep in mind that mortgage modifications are not long term solutions.

10. Forbearance

A forbearance is an arrangement with you and your lender to pay off the arrears over time and to get caught up. Sometimes your lender will forgive the arrears to let you catch up on your loan.

By educating yourself about your various options to stop repossession, you should be successful. You may want to also consult with a property solicitor and/or housing counselor before talking to your lender to find out your legal options.

Don't panic or give your house up. You have solutions. Fight for your home. It's your most important asset.

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