httpv://www.youtube.com/watch?v=aiyG3Ajguvk

Transcript:

What Is Arrearage?

Well arrearage is just simply a term that means the amount of your mortgage that’s in default, and that just means the amount of unpaid mortgage payments.

Let’s say that you had a mortgage payment of $1,000 a month, and you had missed three months of payments. Well, your arrearage is $3,000.

Now the arrearage can be more if you get so far behind that the mortgage company sends it to an attorney – for collection, let’s say. Well, the attorney is going to add his fee to it, so a $3,000 arrearage becomes a $4,000 arrearage, plus other costs that might be added – interest and so forth. So it can add up pretty quickly.

But arrearage, just to sum it up, just means the amount that you’re behind on your mortgage.

More questions? Contact Darrell Castle:

901-327-2100

https://darrellcastle.com

Related: How Chapter 13 Bankruptcy Can Help You Stop Foreclosure and Keep Your House