Mortgage arrears are a common cause of concern for those facing financial distress. If you’ve fallen behind with mortgage payments, ultimately you could risk losing your home. You need to act quickly, regardless of whether it’s your first missed payment or you’ve missed several. If you don’t, your lender could take drastic action against you as you have failed in your contractual obligation to make your payments on time.
When we provide debt help to individuals across Scotland that are suffering with personal debts, the biggest cause for concern, and questions we are asked, revolve around whether they could lose their home. With the majority of unsecured debts, this is very unlikely but with mortgage arrears (mortgages are secured debts) repossession can be a real threat and your lender can begun court action quickly.
