can you skip a mortgage payment

Can You Skip a Mortgage Payment? 

When struggling to pay your bills and make ends meet, finding ways to cut expenses may require sacrifice and creativity. In dire circumstances, you might wonder, “Can you skip a mortgage payment?” 

While it’s certainly possible to miss a mortgage payment and keep your home, not making the monthly payment can have significant consequences for your financial future. Here, the experts at Altitude Home Loans, the top mortgage lenders in Tucson, AZ, explain what can happen. You can get more insights by calling 520-500-1010.

What Happens When You Don’t Make a Mortgage Payment 

First things first: Missing a single mortgage payment will not trigger foreclosure proceedings. Most lenders will not even consider foreclosure until borrowers miss two payments or are 90 days or more in arrears. 

However, that doesn’t mean you can decide not to pay your home loan and expect everything to be fine. Missing just one payment can:

  • Affect your credit score. Most lenders report payments more than 30 days late, causing a drop in your score of up to 100 points or more.
  • Trigger late fees. Most lenders will charge a late fee for any payment received past the due date. 
  • Make next month more expensive. Even when you don’t pay on time, you still have an obligation to make the payment. The mortgage company will expect you to pay the past due amount and your current payment the following month.  

I Can’t Make My Payment This Month — Now What? 

As soon as you realize you cannot make your monthly mortgage payment, get in touch with the lender to discuss the situation. You may be able to work out a payment agreement or other solution to prevent excess fees, damage to your credit, or foreclosure. If the issue is temporary and due to something like an emergency that drained your available funds, and you have a good track record of making payments, you should be able to arrange a workable solution. 

If you find yourself asking, “Can you skip a mortgage payment?” more frequently and struggle to pay every month, you may need a more permanent solution.

Mortgage relief options to consider include the following:

  • Mortgage modification, which changes the loan terms to extend the life of the loan, switch from an adjustable to a fixed rate, or lower the interest rate. 
  • Mortgage refinancing, in which you get a new mortgage at a lower interest rate to pay off the existing loan, reducing your mortgage payments every month. 
  • Forbearance, which allows qualified buyers to reduce or suspend their payments temporarily. 

If none of these options work, and your financial situation doesn’t allow you to make payments comfortably, it may be best to sell your home and find something more affordable. 

Get Help From Altitude Home Loans 

Choosing a local mortgage lender like Altitude Home Loans in Tucson, AZ, means you have someone close to home you can talk to when you’re having trouble with your mortgage. If you need to know “Can you skip a mortgage payment?” or are having trouble paying your loan, call 520-500-1010 for help. 

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