Response to repossession

If what you say is correct, ie £20k arrears but £50k equity, then why not sell the house yourselves? In theory this would leave you with £25-30k and you could then put down a deposit on another house. Re- mortgaging would appear to be a solution also since you appear to be able to afford higher mortgage payments. When you say you have a court order do you mean the lender has obtained a suspended possession order, or that you have been summonsed to appear in court at a repossession hearing? On the surface it seems surprising that your lender is not willing to help you manage the problem, but I daresay that there is a lot of past history. £20k of arrears sounds a huge amount to have built up but perhaps if your mortgage payments are huge too this has happened very quickly in relative terms? As to your chances in a court hearing I have no idea. A sensible judge might listen to a well thought out re-financing plan particularly if you had a different lender who was willing to re-mortgage the property to include your arrears. Have you tried other re-mortgaging sources?

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