Bank Repossession is a situation where the bank has seized and taken ownership of your property. Imagine coming home to find that the locks have been changed and that your stuff has been packed up, ready for transportation out of your house. That’s what bank repossession means—the bank has taken the final step in getting rid of all your property. Bank repossessions are not limited to houses, cars, or other physical things. They can also include things like stocks, bonds, shares, certificates, or any other financial instrument that has been granted over to the bank for safekeeping.
This is a list of what you can do if banks repossesses your property in Ghana:
- Contact the Police
- Contact Your Agent
- Find Legal Support
- Pay The Mortgage Balance In Full
Bank Repossession is a situation where the bank has seized and taken ownership of your property. Imagine coming home to find that the locks have been changed and that your stuff has been packed up, ready for transportation out of your house. That’s what bank repossession means—the bank has taken the final step in getting rid of all your property. Bank repossessions are not limited to houses, cars, or other physical things. They can also include things like stocks, bonds, shares, certificates, or any other financial instrument that has been granted over to the bank for safekeeping.
Bank repossession happens when the bank wants to take back ownership of an asset. Banks usually do this if the borrower has failed to make payments on their loan, or they’ve been delinquent in other ways. Bank repossessions are not limited to houses, cars, or any other physical thing. They can also include things like stocks, bonds, shares, certificates and any other financial instrument that has been granted over to the bank for safekeeping.
Banks will repossess assets if a borrower defaults on their mortgage contract by failing to make payments for a designated period of time. The time frame varies depending on where you live and which bank is holding your mortgage contract; however, it is typically at least six months before foreclosure proceedings begin and the property is put up for auction in order to recoup lost funds from the sale of your property.
If you get behind on your credit card payments or fail to make car loan payments for an extended period of time, then you could be subject to repossession as well. The lender may have already filed a lawsuit against you and won before seizing your property in order to recoup their losses from defaulted loans or late payments.
If you find out that your property has been repossessed by the bank, you should:
- Contact the Ghanaian Police - this is to ensure that your property is not being tampered with and make sure that you are dealing with the right people.
- Contact Your Agent - If you have a good agent, they can help to negotiate with the bank as well as do other things like finding new accommodation or assisting you in getting a better mortgage deal.
- Find Legal Support - You may want to get a lawyer on board to help negotiate with the bank.
- Pay The Mortgage Balance In Full - This is one way of preventing your property from being repossessed in future so always look out for deals for low interest rates when signing another mortgage contract.
The law in Ghana states that the police can only repossess your assets if the bank has secured a court order. If you notice that someone is trying to take your property, but there’s no court order, then it’s not the police. You need to contact the police and report what's happening at your house.
Your agent can help you identify ways to avoid a bank repossession. In order to do this, your agent will be able to look into the reasons behind your bank repossession. This includes looking at your credit score and your financial history in order to determine what could have caused it. Your agent should be able to tell you if it’s possible for you to get a mortgage modification or other loan modification.
If you are in the situation where your property has been repossessed, one of the first steps to take is to find legal support. The bank may have notified you that they intend to pursue repossession if you do not pay the mortgage balance in full, but this does not mean that they are obligated to inform you of your rights in the process. You should contact a lawyer who specializes in banking law and repossessions to find out more about how the process works and what your rights are.
Paying the mortgage balance in full is one of the most important things to do when you’re faced with bank repossession. The first thing you need to do is contact your agent and find out if they can help stop the foreclosure process. In many cases, you may be able to save your property by paying the outstanding mortgage balance in full. This is the best way to avoid financial ruin and it can also have a positive impact on your credit score. Always remember that there are laws in place designed to protect homeowners from unfair lending practices, so make sure you know how those laws apply for your situation.
