|
|
Arrears |
|
|
|
 Home Site Map Add Term Search About Us Contributors |
ArrearsThese are the sum total of late or overdue payments for a mortgage, ground rent and maintenance charges, or any other regular payment. Some insurance policies will automatically be voided if you fall into arrears.ArrearsArrears occur when the borrower misses one or a series of monthly payments. Arrears can lead to the repossession of the property.Arrears(1) Payment made after it is due is in arrears. (2) Interest is said to be paid in arrears since it is paid to the date of payment rather than in advance, as is rent. Example: A rental payment made July 1 pays the rent to August 1. An interest payment made July 1 Pays the interest to July 1.Arrears Similar MatchesAnnuity in arrearsAnnuity in arrearsAn annuity with a first payment one full period hence, rather than immediately. Dividend in arrearsDividend in arrearsAccumulated dividends on cumulative preferred stock that are deemed payable to the current holder. Interest in ArrearsInterest in ArrearsInterest that is due only at the maturity date rather than periodically over the life of the loan. Mortgage arrearsMortgage arrearsThe amount of back pay you owe your mortgage lender for failing to meet your mortgage requirements. Arrears breakdownArrears breakdownA month-by-month breakdown of any arrear balance and charges for your mortgage. A fee for this service is often added to your account once you have been sent the breakdown. Costs £10 - £30 Further SuggestionsArrears fee |
|
|
|