Repossession is a legal process that occurs when a lender obtains a court order to take possession of a property due to non payment of the mortgage.
On missing payments your lender will contact you to try to resolve the situation. If your lender is not satisfied with your proposals, or if your debt and arrears situation gets worse, they may apply to the court for a possession order to allow them to take over the property.
If your home gets repossessed not only will you be homeless but your credit rating will be seriously affected and it is unlikely you would be able to buy your own home for a period of time.
Repossession can be stopped at any time up until the time your home is sold by the lender. Even if you have been evicted it may not be too late to stop repossession.
You can stop repossession in one of three ways:
As soon as you have any evidence of the above e.g. an employer's letter, an offer from a buyer etc., you should contact your lender so you can start to halt the proceedings.
Debt Consolidation Explained contains general information only. We strongly advise you to seek qualified professional advice before taking any action.