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Refinancing Home Mortgage
In: Mortgage Payment
1 Mar 2010I am short this month. The mortgage is a 30 term. Will it be added on to the very last payment if I don’t pay it this month? Will it increase my mortgage payments for next year?
I have never missed a payment yet in 4 years.
This is about mortgage information questions.
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16 Responses to What if I skip a mortgage payment?
It's Me
March 1st, 2010 at 5:39 pm
Skipping a mortgage payment is the worst thing you can do to your credit if you haven’t worked it out with your mortgage company. Call them FIRST and see if they will do this and go ahead and add on the interest.
My advice is to cut back in other places FIRST.
jakc_3
March 1st, 2010 at 6:25 pm
No it will make you behind. If you don’t pay for so long, they can foreclose on you. My advice. Pay it.
Lewis A
March 1st, 2010 at 6:39 pm
it will be added on on to next months payments w/ late fee charged
Emily B
March 1st, 2010 at 7:12 pm
You can’t just skip one…you’ll be delinquent and it will negatively affect your credit. If you’ve got payment issues call your mortgage company. Perhaps they have a solution for you but you can’t just skip it–it does not automatically go to the end of your loan.
Kripster
March 1st, 2010 at 7:19 pm
My girlfriend is a mortgage consultant. She would tell you that it may affect your credit ever so slightly.
surfer_grl_ca
March 1st, 2010 at 7:45 pm
Don’t just skip a payment. That will be on your credit for a long time. Your best option is to go to your mortgage provider and see if you can find a solution rather than not paying it all together. It would not be added on the last payment it would remain there on your next payment and alll following bills until it is paid.
ed201283
March 1st, 2010 at 8:06 pm
You would have to call the lender and request that. They may or may not agree to it. If you do nothing at all, it could eventually lead to foreclosure.
Rickster
March 1st, 2010 at 8:07 pm
You’ll get annoying phone calls reminding you your late. Consider calling the mortgage lender and letting them know you’re a little short, perhaps they’ll work out an arrangement. I don’t believe foreclosure is an option to them until you have missed six or more payments. I would call them…..
jseah114
March 1st, 2010 at 8:51 pm
If you skip your payment this month, it will be added to the amount due next month, plus late payment fees. You cannot drag it out until your last payment “x” number of years from now, nor can you split it out and allocate it among your remaining payments. While the lender normally won’t foreclose for one late payment, if you continue to have one payment outstanding (next month only pay 1 payment, the following month only pay 1 payment, etc.), the lender may, and would have enough reason to, initiate foreclosure proceedings.
If you have an escrow account where you are paying in for taxes, etc. the lender may take your future escrow payments and apply it towards the mortgage payment first.
staceydian
March 1st, 2010 at 9:37 pm
You don’t want a 30 day late payment to show up on your credit repor!! Call your mortgage company/bank and make a payment arrangement!!
fukinluckyfuker
March 1st, 2010 at 10:06 pm
No, it doesn’t just get tacked on to the end. You’ll owe 2 months next month. And fall further and further behind.
Skip everything else you can and pay your mortgage first. Take a small loan from friends, family or even a bank if necessary.
Or send as much as you can, and send the rest before it gets 30 days late. 30 days late is when it starts hitting your credit report. And a late mortgage payment is not good for your credit rating.
fried_twinkie1
March 1st, 2010 at 10:46 pm
You’ll be charged a late charge and of course, you will have an additional mortgage payment to make before your house is paid off. Think of it this way, you have this principal balance to which interest is applied and so your principal balance will not go down one month and it will be hit with that interest. Have you ever thought of calling the mortgage carrier or a customer rep and saying you need to skip a month rather than ignoring the payment. You have a great credit record, so why not tell them and work something out.
Daisy Mae
March 1st, 2010 at 11:43 pm
I totally agree with its me . It takes a long time to build a credit history and a mistake or two and your score will shoot down. definetely call to see if you can pay half the payment without it affecting your history. have a garage sale or sell your plasma at a blood bank. who knows if you are really desparate ask your parents for the money but promise to pay them back.
preciousm
March 2nd, 2010 at 12:14 am
Call the owner that your buying the house from and see if he will
let you pay on it with your next payment.Or you can probably pay
on it before then.Make sure that you keep up with your payments from now on okay.
buzzwaltz
March 2nd, 2010 at 12:35 am
Tell you what.! The bank Will come knocking on your door. You should contact the bank and tell them of your plight..They will accommodate you in some fashion. If you remain silent they don’t know what’s going on. If they have to guess they might come down on you like a ton of bricks…….
mighty_whitey
March 2nd, 2010 at 1:00 am
If you simply skip a payment, then pick up the following month and make all your payments on time, your lender will show EVERY SUBSEQUENT PAYMENT AS 30 DAYS LATE; ie; each payment will be credited to the previous month, not the current one. You don’t get to just skip a payment. They don’t just add it on at the end of your term. You will trash your credit. If you make two payments the following month, you will still have a 30 day mortgage late on your credit report. Find a way to make your payment, or contact your lender immediately and see if they will make an exception for you. Some lenders are more reasonable than others. Good luck.