Alot of people coming back to this Blog have been asking about the common terms we use in the Mortgage industry. The terms most commonly thrown around these Forums and Blogs are Mortgage Arrears or Home Loan Arrears. What do these terms mean?
Mortgage Arrears and Home Loan Arrears describe the situation where you have fallen behind on your mortgage or the Contractual Mortgage Repayments required under your Home Loan Contract. 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. When you have fallen behind on the frequency of your repayments, or the amount of your repayment, you will be deemed to be in Arrears on your Mortgage.
