Reposession hopes?

NEED_HELP_ASAP_3

The Mortgage company have just written a letter which is to notify us their intention to instruct their solicitors as we are 5k in arrears. So they have finally got the ball rolling.

The house, mortgage and everything that revolves around the house is in my parents name. They currently live abroad and the reality is that they cannot afford it and are struggling to pay for the place in which they currently live. However since September 2007, I have been making mortgage payments either directly through my own pocket using my student loans or money earned from jobs, and then using money from renting the rooms out upstairs.

Firstly, what I would like to know is if worst comes to worst, will I receive any money from the mortgage company if they do repossess the house. Every month I make payments although not the complete 2k stipulated under the agreement. The payments made are roughly 60% from rental income, so technically I don't make the money myself but I go into the effort of finding tenants, dealing with tenancy issues etc.

Secondly, does the fact that my parents come from a culture where it is almost certain that they will hand me the property, as I am the first son before they move back to their country of origin (they do not currently reside their).

How long will repossession take, as I am in my final year at Uni and I have my exams to worry about in May. Will I be able to buy some time in order to have the stability that I need to face my exams?

Please help?