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1. Dear *****, legally speaking, you are liable to have enforcement proceedings taken against you. Essentially, in all mortgage agreements, there is a clause which provides for repayment should the lender wish to look for repayment, once you are in default. The operation of this clause will be triggered once you do not pay one month's instalment.
2. Accordingly, what i would suggest is that you seek to reach some agreement with your mortgage lender whereby they will give you time to sell the property so you may realise the best price possible for it and thereby pay off the mortgage. You will always get more for a normal sale, than if there is a distressed sale, when prices are lower. You can then, maybe, seek to purchase a smaller place, or have a deposit on hand until such times as your financial situation improves.
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