If you are facing repossession and have tried speaking to your lender and explored the options outlined in the Mortgage Arrears – The Basics
article, then there are still further options.
You may have reached a stage where you know you cannot pay off the arrears and what you can pay is not acceptable to the lender or the courts. In this situation, if you do nothing, the lender will obtain a possession order and serve an eviction notice. Typically you will only have a short time between receiving the eviction notice and having to leave your property (two weeks or less), though there can be several months between falling into arrears and actually being evicted.
Once the lender has possession, they will normally try to sell the property through an estate agent or at auction. If the property is sold for less than the total mortgage plus arrears plus fees and costs owed, then the lender can pursue you for the difference. For this reason you would be advised to explore other options, as this route leaves you without any control over how much the property sells for.
