Britian's financial regulators recently warned that more than 1 million people are at risk of losing their home over the next 18 months.
I understand that being threatened with repossession can be a daunting experience however it is important not to panic.
If you can you should address the situation early on and it is advised that you speak to your lender and try to come to an arrangement to clear the arrears.
Most mortgage lenders would rather come to an agreement than to progress with a lengthy and costly repossession.
However even when things have progressed you still have the option of selling your house to avoid repossession and save your credit rating.
Recently I was able to help a man who was due in court the next week for an eviction date. With the help of our legal team we were able to postpone the repossession order enabling us the time to complete on the property purchase before it was repossessed. I spoke with the man today and he told me he feels he can now make plans to start over without all the financial pressure.
