If a borrower does not keep up the repayments on a mortgage or other loan secured on property, the lender has the right to take over the property and sell it to get its money back.
Before this would happen, the lender would contact the borrower to help find a way of getting back on track. If there is no other way for the lender to get repaid, they can take legal action to seek a repossession order from a Court.
Think Carefully Before Securing Other Debts Against Your Home. Your Home May Be Repossessed if You Do Not Keep Up Repayments On A Mortgage Or Other Debt Secured On It.
