Repossession is a legal process that takes place when a lender or creditor obtains a court order to take possession of your property due to non payment of the mortgage or other loan secured on it.
Having missed payments, or falling into mortgage arrears your lender will contact you to try to resolve the situation. You should always try to come to an agreement as soon as possible to prevent court action being taken.
If your debt and arrears situation gets worse, your lender may apply to the court for a possession order to allow them to take over the property.
For further information visit Repossession.
Debt Consolidation Explained contains general information only. We strongly advise you to seek qualified professional advice before taking any action.