Repossession orders have increased by 66% during the past 3 years. The total number of homeowners being taken to court by lenders have rose by 55% since 2004.
However the number of court repossession orders is far higher than the actual repossessions due to the fact borrower agrees to pay or an agreement is made with the lender so that the order is not enforced. Most mortgage lenders would rather work out a deal with the borrower to avoid repossession as it is a timely and costly process.
This is why it is important for homeowners who are struggling to meet mortgage payments to be honest and keep in contact with their mortgage lenders to see if a beneficial agreement can be made.
