Repossesion on Home by: Debtcollectionanswers.com.
I recommend that you set up an appointment with a consumer bankruptcy attorney in your area right away. Bankruptcy will stop a foreclosure (When you lose your home because you have fallen behind on your mortgage payments, it's called a foreclosure, not a repossession.) and give you time to figure out what to do about your past due mortgage balance.
It's important for you to understand however, that you cannot use bankuptcy to get rid of your home mortgage. However, bankruptcy will erase other debts you owe, which may free up enough money in your budget that you can afford to catch up on your past due mortgage payments and pay your current payments at the same time. If you can, then you will be able to avoid a foreclosure.
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