Mortgage Arrears Explained
Mortgage Arrears occur when a person misses a series of mortgage payments. Should a borrower fall into arrears, the lender has the right to take legal action against the lender. This will usually come to occur following two or three miss payments. Mortgage arrears usually come to happen due to a series of unfortunate circumstance. Typical scenarios include the loss of a job, sickness or poor management of finances.
Consequences of Mortgage Arrears
Should a home buyer’s mortgage fall into arrears, the lender can legally repossess the property. It can then be offered on the market for sale by the lender. The lender can choose the terms, conditions & price of a sale. However, the buyer will still be held responsible for any outstanding debt not covered by the potential sale. Clearly, this is a daunting circumstance for a property owner.
Immediate Bank Claims have a decade of experience in assisting clients out of mortgage arrears. We offer clients a clear direction as well as fixed pricing.
Impact of Mortgage Arrears on Credit Rating
Credit Ratings hold a large amount of importance when making future plans. They can disable a person’s ability to access finance. This can destroy the dream of owning a home or business. Should a buyer find themselves in mortgage arrears, their credit rating is negatively affected. A tainted credit report caused by the buyer’s failure to rectify their financial situation may prevent the future securing of a mortgage.
Assistance with Mortgage Arrears
Immediate Bank Claims offers aid & assistance to borrowers finding themselves in arrears. Developed over a decade of experience, we have complete solutions to mortgage arrears problems & issues. If you are worried about mortgage arrears, you can speak to an industry expert today. Enquire today for a no obligation, free one to one consultation.
Release Yourself from Your Mortgage Arrears
Call 0207 127 9134 to for free help. We give complimentary one hour consultations
Mortgage Arrears in the Press:
Money Advice Services gives their advice for mortgage arrears problems: