Mortgage Arrears

Mortgage arrears occur when a borrower fails to make their agreed-upon mortgage payments on time. This means there’s a delay or missed payment, which can happen due to financial hardship or oversight. When arrears accumulate, the lender may consider the mortgage in default and may take steps to recover the overdue amount. Addressing arrears promptly through communication or resolution can prevent further penalties or foreclosure. Essentially, mortgage arrears reflect unpaid portions of your loan that are overdue, and managing them is crucial to maintaining homeownership and financial stability.