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The threat of repossession is a real one to many people. When
the economy is good, mortgage lenders are willing to lend many
times your salary at low interest rates. If interest rates rise,
however, or your experience job loss, sickness, divorce or other
circumstances that reduce your income, you could find yourself
in mortgage trouble.

Once your mortgage company has started repossession
proceedings, it’s easy to give in and let the court process take
its course, but there are ways that you can slow down and even
stop the repossession process:

1. Talk to your mortgage company

Even at the last minute, it’s possible to work out a deal with
your mortgage company. Whether it’s raising additional money to
clear your debts, or just agreeing a new payment plan, your
mortgage company should be willing to come to an agreement with
you. Don’t think that because you have been given a date for the
courts to consider a repossession order that you don’t have time
to sort things out.

2. Be prepared

If you do have to go to court, make sure you are fully
prepared. Keep copies of all the letters and other
correspondence you have had with the mortgage company, work out
a detailed daily expenditure that shows where you can save money
so that you can begin paying your debts and be ready to explain
to the court why you are in payment difficulties in the first
place. The court may grant an adjournment or delay the
repossession order if you can show that you are prepared to take
your financial responsibilities seriously.

3. Seek advice

If you are in danger of losing your home to the mortgage
company, then take legal and financial advice to ensure that you
are doing everything possible to avoid repossession. A good
legal adviser will make sure that the mortgage company is
following due process and not making it unreasonably difficult
for you to make payments and clear your debts. They can also
help you if you need to go to court, explaining the process and
making sure that you have all the supporting documentation you
need.

A specialist financial adviser can arrange short-notice loans,
which can help you to get out of trouble. With just a few days
notice and with access to dedicated lenders, they can arrange a
loan that allows you to pay off your debts and start afresh.
They can also arrange a quick house sale, without the need for
estate agents fees or a lengthy sales procedure, which means

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