Fears have been rising since the start of the credit crunch that rising unemployment levels would see more people losing their homes through repossessions.
Thousands of homeowners have run into difficulties meeting their monthly mortgage payments as a result of the recession.
Figures published by the Ministry of Justice in May show that, during the first quarter of 2010, there were 18,504 claims registered for repossession of mortgage payers' homes.
Although this represented a slight decrease compared to the previous quarter (down eight per cent) and was down by a quarter on the seasonally adjusted figure for the first three months of 2009, it is still alarming that these led to repossession orders being made on 14,373 properties.
Of these, just 46 per cent were suspended, down from 47 per cent in the same period last year, meaning that well over 7,500 people were faced with the daunting prospect of having their homes taken away from them.
For those falling into arrears and struggling to keep up with their mortgage payments, there are a number of options on the table to avoid such a fate.
One option would be to look at debt management plans, which could help consumers to free up more household income for mortgage payments.
Plans are also available that deal specifically with mortgage payments and can in many circumstances see people's monthly payments reduced to a more manageable level, however this can sometimes mean defaulting on the original credit agreement.
Another possibility would be to remortgage, which involves paying off the old loan with a new one that can be fixed at more favourable terms.
With interest rates currently at an all-time low as a result of the recession, such an option would also allow those stuck on certain fixed-term deals to take advantage of better offers.
Remortgaging could also help people free up cash to deal with unsecured debts such as credit cards and also fund home improvements.
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