Putting a stop to house repossession simply means that you have to do what you can to ensure your home does not get taken away from you and sold at an auction for much less than its worth. Skipping your bond repayments is dangerous; the bank won’t think twice to repossess your home and sell it if you aren’t able to keep up with your payments. If you need to, you can refinance your house, but remember that you will have to pay this back too. Some useful tips include; don’t get a house that’s worth more than you can afford in the first place, always pay your bond first before anything else, and make sure you don’t ever pay it late as that’s just looking for trouble.
You just have to make your bond repayments every month to avoid the bank having to sell your home; that’s all there is to putting a stop to house repossession. To refinance isn’t always the wisest idea as it leaves you owing more money to the bank, but if it is the only option, then that is what you will have to do, but maybe get some advice from the bank first. The consultants should be able to give you some advice, and maybe even some tips that may help you this time round. If after the refinance you are still struggling to make your payments, it may be best to let the house go, but until then you have to do everything you can to keep it yours.
Having a home repossessed is one of the worst things that can happen to anyone; after having your own home for such a long time, having to give it up at an auction will break your heart. Avoid it at all costs, pay your bond no matter what, get rid of the second vehicle if you have to, but make putting a stop to house repossession your first priority.