|
Mortgage
Arrears
The term “Mortgage Arrears”
refers to the situation where the parties who carry the obligations under
the home loan contract are not fulfilling these obligations – ie. Home loan
payments are not being made on time and are possibly one or more payments
behind schedule.
When you first take out a Mortgage against your property you are required to
complete and sign both Mortgage and Loan Offer Documents.
Loan Offer documents
stipulate the minimum loan repayment required, as well as the frequency of
your repayment. If you fall behind on your mortgage
you will be deemed to be in Arrears on your Mortgage.
Home Loan arrears occur for a wide range of reasons. We have seen people
experience financial difficulties with their mortgage repayments due to :
-
loss of work;
-
business trouble;
-
failed relationships;
-
illness/death in family;
-
gambling;
-
unforeseen expenses;
-
identity fraud;
-
tax debts etc.
In most cases there are a number
of effective solutions to the Home Loan Arrears problem.. |
