Debt Glossary : Repossession
Repossession is the process of having your home seized by a creditor, and then sold to clear a debt which was secured on it.
Repossession is most common in cases where a mortgage has fallen into arrears of six months or more, and there is little or no prospect of the debt being cleared in any other way.
Although the prospect of losing your home can be terrifying, repossession is actually a last resort for a mortgage lender, and there will usually be many chances to avert it - it's vital to contact your mortgage lender immediately should you miss a payment.
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