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Repossession
(What could one do under such circumstances?)
- Seek an extension of time through the court.
- Try to come to an agreement with your current lender as normally lenders take a sympathetic approach.
- Downsize (by putting your current property up for sale and look for a cheaper property)
- If downsizing, check with your current lender as to whether you can port your current mortgage.
- One could re-mortgage if sufficient equity and affordability.
- In extreme circumstances of repossession, mortgage providers will allow you to stay while the property is up for sale.
- Should your current mortgage be on a capital repayment, it is possible to revert to an interest only payment reducing your monthly mortgage payments, however this should only be seen as short term.
- Should repossession be caused by insufficient family income, then your local authority may be able to assist
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