If you facing the prospect of your home being repossessed, then you can try and sell your home fast to avoid eviction and losing your home along with any equity within it. In the current economic climate this is not a very viable option, although some mortgage brokers and lenders will buy your house from you. When you sell your home you can then rent it back from the brokers / lenders who have purchased it. This allows you to stay in your family home without having to worry about large mortgage payments.
A much better option is to see if you qualify for a repossession remortgage and cover your remortgage arrears. This could allow you to free up sufficient funds to pay off the balance of your existing mortgage including the outstanding arrears There is also the option of taking out a loan, secured against the property , which can be used to settle any outstanding arrears.
A specialist repossession mortgage broker can help with repossession cases and work with each client on an individual need basis.
It is in the interest of the lender to sell your property as quickly as possible in order to recover any lost capital. They will usually either sell the property at auction or use the services of an estate agent - often they will sell the house at a discounted rate to attract buyers and ultimately, a quick sale. Once the property is sold, the lender will clear the mortgage account, including any arrears and interest accrued and then pay the remainder to the borrower. It is possible that if there is still a mortgage shortfall they will try and reclaim the money for up to 12 years.