If you have mortgage arrears, normally your mortgage lender will first apply to the courts to obtain what is known as a ‘suspended reposession order’. This is a final warning and means if you continue to not pay your mortgage bills, they will start repossession procedures against you.

If you are being threatened with having your house repossessed, you may be able to stop the repossession happening with the help of a mortgage advisor. If you have fallen behind on your mortgage payments, the lender may try to repossess your house in an attempt to recover the money they lend you.

If you are in the process of having your house repossessed or you are in the process of being evicted after your house has been repossessed, there is a chance that you could still retain your home if you act quickly.

Once a mortgage lender has got a repossession order against the property, there is a fourteen day ‘grace’ period where the decision can actually be reversed. During this period, if you can find the funds, you can pay off the mortgage lender and therefore reverse the repossession and eviction.

If you have some equity in your home and the equity is worth more than the amount owed on your mortgage arrears, you may be able to remortgage to free up funds to pay the lender and avoid repossession. However, you may find very few people willing to remortgage your property because you have existing mortgage arrears and therefore are deemed high risk (ie there is a high chance the lender may not be paid back all the money they lend to you).  There are many specialist companies however who deal with this on a daily basis and will be able to help you, however beware – their mortgage deals tend to be at a higher rate than ‘standard’ mortgages.

Click here if you would like to see a list of mortgage advisors who may be able to help you remortgage your property, even if you have an adverse credit rating.

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