Repossessions warning issued by advisors
The Repossessions Advice Centre (RAC) has issued a stark warning to homeowners concerned that they are falling behind on their home loans repayments.
According to the organisation, properties can be taken back from their owners by the lender as quickly as three months after their issuing an initial warning letter.
RAC director David Warnes added: "The quickest it can happen from the first warning is probably three months. You have to bear in mind that the courts try to be on the side of the person being repossessed, especially if they've got a family, because if that person gets repossessed then they fall onto the council to be housed.
"The courts have an understanding that if they can mediate and keep people in their homes then that's what they will try and do."
With many mortgage firms raising their rates in the credit crunch, repossessions appear to be on the up.
A recent report from the Council of Mortgage Lenders shows that 27,100 people had their homes taken away from them in this way in 2007 - up 21 per cent from the previous year.
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