Mortgage Arrears

Mortgage Arrears

If you are facing mortgage arrears you need to know what you can expect your lender to do. In recent years, 2 months mortgage arrears has been enough to generate strong letters demanding payment, and after 3 months mortgage arrears the lender will instruct its solicitors to start repossession proceedings.

However, recently your mortgage lender may also be facing financial problems and be unable to borrow more money on the interbank lending market. This means that some lenders are even keener than ever to repossess your home when you have mortgage arrears and get their money back by selling it at auction.

It’s important to talk to your lender and try to arrange re-payment of your mortgage arrears.

Mortgage Arrears Facts

  • Your lender will consider you to be in mortgage arrears after 1 month
  • Many lenders will charge you for every letter they send you to tell you you are in mortgage arrears
  • If you are holding back your mortgage payments because other creditors are chasing you – Don’t! Make sure you pay off mortgage arrears first!
  • You should always pay your mortgage arrears before all other debts
  • You need to take action now to avoid repossession and further bad credit rating

What Are My Options?

Remember, you must always pay any mortgage arrears, secured loans or mortgages before paying credit cards or other unsecured loans. If you owe money to a credit card company or catalogue, the worst they can do is take you to court to make you pay. If you owe your mortgage lender mortgage arrears or other secured creditor, the worst they can (and will) do is take your home!

You Can Stop Repossession Now

By any of the lenders listed below – Act now – Click Here

How to fill in Form N244