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What is Home Repossession?

April 26, 2017borrowers Home missed payments mortgage lenders repossession

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What is Home Repossession?

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Home repossession can occur as an action of last resort by mortgage lenders to recover money from borrowers that have failed to keep up with repayments on their mortgage or other loan secured on their home. However, home repossession is not triggered as a result of one missed payment. Lenders (mostly banks and building societies) will usually wait until mortgage arrears reach 4-6 months before looking to take such action.