A Lender usually begins solicitor and recovery (eviction) action around the 3rd month of a home loan arrears, however there is a collection process a lender will implement to recover unpaid mortgage payments, which begins earlier. These collection processes incur costs which will usually be past on to you adding to your arrears. Being a few weeks behind on your home loan doesn’t mean the bank will take your home, however the added recovery and legal fees can add up to as much as the actual arrears. In most cases the lender will require the payments to be made up under a defined arrangement on top of your normal home loan payments.  If you’re $4000 in arrears and your normal payment is $2000, a normal payment might be:

$2000 normal home loan payment
+ $800 additional payment per month
= $2800 per month over 5 months.

Loan Saver Network can offer effective solutions to improve your debt situation.