People in todays society will have differing attitudes to debt and debt repayment. There will always be those individuals who take a very relaxed attitude to debt and debt repayment, however the vast majority will take the matter very seriously and in the case of property ownership, they will take any realistic action to make their mortgage repayments on time. Unfortunately there will always be situations out of the control of even the most conscientious borrower.
Individuals fall into arrears on their mortgage for many different reasons; accident or sickness, redundancy or unemployment, death of a spouse, insolvency or hikes in mortgage interest rates to name just a few. The most common reason for property repossession in current times can be attributed to general high levels of consumer debt. This comes in two forms, secured and unsecured debt. Whether this is due to the borrower making payments on their unsecured debts in priority over their mortgage or a level of mortgage borrowing taken out which their income cannot afford.
But how can a few missed payments on the mortgage lead to property repossession?
Very rarely will a property be repossessed over...
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