Repossession
Repossession is a legal process that occurs when a lender obtains a court order to take possession of a property when the mortgage or other debt secured against it has fallen into arrears.
If the mortgage arrears exceed six months most Lenders will then apply to the court for a possession order to allow them to take over the property and sell it to recover the debt.
If your home gets repossessed you will be homeless and your credit rating will be seriously affected.
None of the information on this website is intended to promote any specific mortgage product or provide mortgage advice.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
