If you are having problems paying your mortgage, most lenders will only repossess your home as a last resort. They usually prefer to sort out your payment problems in other ways. You always have options, no matter what stage of the repossession process you are at. The options you have depend on your individual circumstances but will center around the following questions:

• What type of mortgage do you have?
• How far behind are you with payments?
• How quickly are you are prepared to act?
• What's the reasons for your arrears?
• How much unsecured debt do you have (loans that are not secured against your home)?
• How much equity do you have left in your property?

Morgage arrears

Often mortgage arrears are caused by other unsecured loans. In general mortgage companies are not as aggressive in chasing missed payments (although in the current credit crunch climate this may well change), whereas the unsecured lender will be. Because of this, priority is given to the unsecured loan and the mortgage arrears mount up.

The key to avoid repossession? Stay calm, act quickly.

If you are worried about your situation act now and seek advice. At Devon Cornwall Property we pride ourselves on being approachable and would be more than happy to assess your situation. Our advice is free and comes with no obligation. Although we are experts in the field of property investment in the South West, please bear in mind that we are not FSA registered (Financial Services Authority). Should you want specific financial advice then we would recommend Debt Help UK as a good starting point.