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For any homeowner, the threat of repossession is a real worry. Many people live day to day earning enough to meet their bills. Then something changes, and all of a sudden mortgage payments start to be missed. When payments are missed, your account with your lender is said to be “in arrears”. Often after two or three missed payments, lenders will start to take action with the intention of regaining ownership of the property and sell it in order to recover the debt.
For any homeowner, the threat of repossession is a real worry. Many people live day to day earning enough to meet their bills. Then something changes, and all of a sudden mortgage payments start to be missed. When payments are missed, your account with your lender is said to be “in arrears”. Often after two or three missed payments, lenders will start to take action with the intention of regaining ownership of the property and sell it in order to recover the debt.
Your account with your lender is “in arrears” when you have missed some mortgage payments for whatever reason. Once you are in arrears, having missed payments for a couple of months or more, your lender is likely to seek court action in order to take steps to regain ownership or “repossess” your property. If you fail to contact your lender and try to reach agreement, the lenders only option to get their money back is to take control of your property and sell it. They must do this through the courts.
