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The Adverse Mortgage Solution's guide to what to do if you are faced with repossession.

Don't panic.
The legal system is designed to bend over backwards to give you a chance to save your property.

Take legal advice.
Talk to a solicitor or make an appointment to see your local Citizens Advice Bureau.

Talk to your lender.
Whatever you may feel, they are not the enemy! Even when threatening repossession, most lenders try to avoid repossession and will work with you to find a solution.

Be honest with yourself.
Have you done everything you can to come up with a solution or compromise that might be attractive to your lender?

Make a plan.
How much can you afford to pay the lender per month to reduce the arrears? If a previous offer has been refused, find out what would satisfy your lender and then see how close you can come to meeting their requirements.

Can you afford to stay?
If you have no resources to pay the mortgage and are accruing arrears, due to redundancy or losing your business, it is in your interest to realise the inevitable. Sell the house before it is sold for you. Your credit record will not be damaged in the same way if you take the tough decision and repay your debts from the sale proceeds.

Lenders must go by the rules.
If a lender has taken you to court, they have to gone through a set procedure so that the court can be satisfied that they have given you enough chances to settle before a court appearance is realistic.

Possession is unlikely to be granted on the first appearance.
A court will normally allow you a period of 30/ 60 days to come up with a plan or remortgage to another lender.

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