Nashville Lawyers Say to Use these Steps to Avoid Repossession

    NASHVILLE, TN, June 15, 2015 /24-7PressRelease/ -- For those in danger of losing their assets due to repossession, there are three steps Nashville lawyers recommend to avoid the loss. Contacting creditors, restarting loan payments and establishing a payment plan can help prevent repossession.

If one is unable to meet their loan payments due to financial hardship, contacting the affected creditors can help forgo repossession. Many lenders have hardship deferment programs, which will help borrowers defer payments to a later date. Deferment programs make it easier for borrowers to improve their financial position without the risk of default over the short-term.

Other Options

If creditors do not have a deferment program and borrowers are late on their payments, restarting loan payments can be enough to avoid repossession. This is a viable alternative for some borrowers, depending on the structure of their loan agreements. While some lenders have the option to repossess property after a payment is late one day, others are not allowed to start the repossession process until after a payment is 30 days delinquent, or even longer. If borrowers have the money to restart payments, they should consider starting payments again to forgo repossession.

In addition to deferment programs, some lenders offer payment plans as a means to forgo foreclosure. Negotiating a payment plan with a lender can be enough to stop repossession, if borrowers have some money but not enough to make full payments on a regular basis. Given that lenders have a lot at stake in home mortgages and consumer loans, many are eager to workout payment arrangements that keeps borrowers making payments.

Those looking to stop the repossession of their home or personal property have options, which can keep their assets out of the hands of their creditors. Follow the three steps listed above to help prevent the loss of property and forgo the repossession process.

Visit Clark & Washington today, www.bankruptcyattorneynashville.com

Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the Southeast. They have locations in Georgia, Florida and Tennessee. Clark & Washington specializes in personal chapter seven and 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.

For more information, visit http://www.bankruptcyattorneyNashville.com/.

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