When a borrower is in default and the lender initiates recovery proceedings, then the mortgagee may take possession of the security assets.

In such circumstances, the Mortgagee may appoint a Receiver or Receiver and Manager.

Alternatively the mortgagee may sell the asset themselves.  The Mortgagee may appoint an Agent to assist with the sale of the assets which the Mortgagee is then in control of.

If you have received a Letter of Demand and or a Repossession Notice then you should seek advice.