The UK housing market with the prices of houses dropping and mortgage interest rate rises in 2007 has seen the most house repossessions in the last ten years. House repossession has got to be one of the most stressful times in someone's life. If you get your house repossessed it does not necessarily mean it is all over once you get repossessed. What happens is the bank or lender that repossesses the house will sell the house of at auction well below market value. The money that they get from the proceeds of the sale is set against the debt that was owed to them in the first place. Example say your house is worth £120,000 that could sell at auction for about £80,000. If you owe the lender £100,000 the £20,000 difference is what the bank are entitled to chase you for. House repossession can stay on your credit file for 12 years. This could mean you have to wait 12 years before getting accepted by a lender for another mortgage. The worse bit is the £20,000 shortfall they can chase after for 12 tears as well.

If you are behind with your mortgage payments some lenders are foreclosing in as short a time as 3 months. So you need to be on the ball and fully armed if you are likely to get your house repossessed with things you can do. Below is a list of actions you should take straight away to stop house repossession.

1. Contact your lender and explain your are facing financial difficulty
2. Agree to pay of the arrears over a period of time
3. Keep all future payments up to date
4. Contact a Sell House Rent Back Company to see if is cheaper to sell and rent back; and ask if they can give legal advice to stop repossession
5. If you are given a court order you must go and attend the court and explain your circumstances, do not avoid going to the court as they will definitely favour the side of the bank if you do not attend.
6. If the court issue an eviction date ask for more time to sell the property if you pay of the arrears.
7. Courts will want to see you trying to pay the lender and not hiding from the debt
8. Contact local housing to re house you if your repossessed
9. Stay calm and see advice from citizens advice
10. Try and do a deal with a sell house rent back company to stop house repossession.

There are some good sell and rent back companies out there. The market leader in the UK is a company called sell house and rent back. These are based in the north east but buy property from all over the UK and will pay market value price for it and rent back to you at local rental prices. So if you need to stop house repossession they will be able to give some free advice on how to go about it all as they help 1000's of homeowners stay in their property ever year and have been specialize in the house repossession field for quite a long time.

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