Stopping Repossession

One of the most unpleasant consequences of failing to pay ones mortgage is "repossession" of ones property. This is a problem that is affecting an increasing number of homeowners throughout the country. Market is really bad now a day, house prices are falling, people are unable to pay their mortgages. More and more people find themselves in arrears. According to the terms of ones mortgage agreement, the landlord or Mortgage Company legally owns the right to take ones house from one in case one are unable to pay back the mortgage and clear up the arrears
Some will see this as an essential means for home ownership. Debt campaigners have highlighted in recent months that a growing number of borrowers were unable to meet their mortgage repayments, with many of them first-time buyers who only recently climbed onto the property ladder.
It is unlikely that the courts will grant stopping repossession on the first hearing. They will probably grant a suspended repossession order. This suspended repossession order means that that the individual involved must abide by the courts ruling.
If the repossession order is granted, the lender will attempt to sell ones property quickly to recover their money.