The circumstance of being behind in
payments. The term is commonly used with
respect to delinquent payments under a
mortgage document.
Example of Arrears
Seller Smith has a $50,000 mortgage
amortized over 25 years with regular monthly
payments of $586.94 to include principal and
interest. He has not made any payments on
the mortgage for a period of three months.
Accordingly, he is in arrears to the amount
of (3 x 586.94) $1,760.82 plus interest.
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