Mortgage Knowledge Base
If someone is in “mortgage arrears” this means that they have failed to meet their contractual obligations in relation to their loan; in simple terms they have not made their monthly mortgage payment for 1 month or more.
The lender has specific procedures to follow when dealing with borrowers who fall into arrears. Ultimately, falling into arrears may cost you your home if you do not take action to make them up. You should always contact your lender immediately if you have trouble paying your mortgage.
