Can you explain what is a repossession?

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This practice is often used by lenders to repossess and then sell houses belonging to home-owners unable to make their mortgage payment on time.

Wikipedia introduces and explains repossession as follows:

Repossession is usually carried out in accordance with a purchase contract or credit contract, in which the consumer agrees that the seller (the "lienholder") may repossess the object if the signers are past the grace period (generally for prime lenders the critical number is 30 days late making an installment payment but can vary based on how many payments have already been made, the length of the business relationship, reason why past due, etc.). Contracts that authorize repossession also usually specify additional fines that the consumer must pay to the seller, ostensibly to cover the seller's costs of the repossession and of depreciated value of the object, as the seller is now in possession of a "used" object.

Mortgage Repossession is a legal process whereby a lender will attempt to repossess a property it has a legal charge on because the debtor is not able to make the repayments as defined in the terms and conditions of the lending agreement signed. This practice is often used by lenders to repossess a property and then re-sell it to make good their investment. The results of a repossession of a property is not just the loss of a property, but also crashing of the credit score of the individual, leading to ineligibility for a normal loan for years to come.

It is extremely important to understand that you must answer without any delays any calls or letters from your lender about your possible repossession. Never ignore your lender. If you ignore them they will likely go harder on you. If you call them back and discuss your mortgage arrears and their intention to repossess your house, you might be able to agree on a repayment plan and possibly avoid repossession.

In the very unfortunate event that you cannot reach an agreement over your mortgage arrears and their claim for repossession, your lender will continue the repossession process against you and request you to pay up your mortgage arrears.

You must then take radical actions as if you don't pay up your mortgage arrears; your lender will eventually repossess your house. Repossession is a long, difficult and painful process with many detrimental consequences for you and your family which you really want to avoid.