Stop repossession for my Home

If you are in arrears with your mortgage repayments your lender may start proceedings to repossess your home. They will do this by issuing you with a Possession Order or Eviction Notice. Remember this is just a first step and there are steps you can take to prevent it. If they are successful in repossessing your home, you can find they will sell your house fast at auction and the funds used to clear all or part of the outstanding mortgage. If you are in negative equity, you will still owe your lender money as they will require the shortfall to be repaid.
The first step you need to take is to try and prevent the repossession of your home. You can do this by going to court and putting forward a case for how you can catch up with your repayments. If the court is satisfied that you have a realistic way of paying back the arrears and meeting the monthly payments going forward then you can get the repossession order stopped, preventing the lender from being able to sell my house fast in London. Other steps you can take are listed here:
1. If you have a mortgage protection plan with either your insurance company or your lender then you may receive help in paying your mortgage if you are in a position where you can no longer make the monthly payments i.e. illness or redundancy. Make sure you should also check such policies before allowing your payments to fall into arrears.
2. Find out if you are entitled to help from the DSS with your mortgage payments if you are out of work or on a low income.
3. Find out if you can reschedule your loan by spreading it over a greater number of years, and if you have a repayment mortgage it is worth asking your lender if they will accept an interest only payment until your financial situation improves. You may also be able to take a mortgage break for a number of months, without being forced to sell your house fast.
4. It is advisable that you only change your mortgage terms before you go into arrears, as you are more likely to be able to do this if up to date with your monthly payments. You may also be able to change from a variable rate to a fixed, capped or discounted rate.
5. If there is a lender who is offering a much lower interest rate than your own lender then it may be worth considering a remortgage. Lenders will not usually do this if there is a "negative equity". You need to be aware of any hidden charges such as redemption charges for paying off your mortgage early, so you may need to wait until the end of your current mortgage term (usually 2-3 years).
6. You might also consider taking in a lodger, though you should seek permission from the lender. You can earn a significant income from your lodger without having any tax liability on the income under the rent a room scheme.

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