Over the previous 12 months, home repossession in the UK has risen to an all time high, due to the global recession. The population of the UK has an estimated 1 trillion pounds in debt, including mortgages, credit cards and other loans.

If you miss just one mortgage payment, or just get a little bit behind on your payments, you will not face home repossession. In fact around 640,000 mortgage holders miss at least one mortgage payment per average year.

For your bank to bring action in court, you generally need to fall at least a couple of months behind with payments. And before they do anything, they will write to you or ring you to talk about the state of affairs. If you do receive a home repossession order, it doesn’t necessarily mean your home will be taken from you – you may still have time to come to an agreement over the debt. Some people have a number of court orders without actually having their home repossessed.

If you do get behind with your payments, the most important thing you need to do is to speak with your lender and explain the situation. Most banks would rather resolve the problem than have to spend time and money on repossessing your property, and forcing home repossession.

One option open to people who are having trouble meeting their mortgage payments, and who face home repossession, one might also consider refinancing your mortgage in a bid to avoid home repossession. If you have fallen behind in your mortgage repayments, and your credit history is usually adequate, you might be surprised with how easy you can get another bank or mortgage lender to refinance your mortgage. Of course restructuring the mortgage is only one, short-term solution, but it can help you avoid the stress of home repossession, especially if you see your finances improving in the future, when you get a better paid job. Additionally, refinancing you mortgage and avoiding home repossesion is also likely to save you from the collapse of your credit rating, which getting your house repossessed is likely to cause.

Specialist organisations also exist which specialise in buying homes which face repossession, and are acknowledged experts in the field of helping people who need to sell their home quickly to raise money and avoid home repossession.

If you do face home repossession, and your home isn’t sold for an amount sufficient to pay off the remaining mortgage balance, as well as any fees and interest, you may still be left with a substantial debt, which your lender will expect to be paid off. And if your home is repossessed, you are still responsible for ongoing property costs such as estate agent’s fees, legal fees and interest on your mortgage.