Voluntary Repossession of your Property

The Steps Taken

Save cost

The major reason you might decide to go through this way is to save some small amount of money. This happens because if you allow your lender to repossess the property, they send an agent to do so. The agent will charge some amount for the work done and you are responsible for the charges. Surrendering your property voluntarily will save you these costs.

Save your credit and reduce stress

Voluntary repossession can help save your credit record by making arrangements with your lender to stop reporting you for missed payments. Most of the lenders will be willing to do this because you agree to return the property to them quickly and this saves them money too. In addition, you reduce the stress associated with defaulting payment of your property. You will no longer receive calls that can be stressing to you or having agents coming to your home.