What happens if you don't pay your mortgage for one month?

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asked May 10, 2019 in Real Estate - Renting by dosdlpadd (340 points)
What happens if you don't pay your mortgage for one month?

1 Answer

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answered May 10, 2019 by CharlesThynC (360 points)
If you miss one mortgage payment then you won't be forced out of the house just for one missed mortgage payment.

However if you don't pay that payment by the next month then your mortgage becomes late and you'll be charged late fees which make the mortgage payment much higher than your normal mortgage payment.

If you can't make the mortgage payment this month but know you can make the mortgage payment next month then contact the bank and let them know about it.

I was late one month on a mortgage payment because I lost my job and was able to pay the full mortgage payment of the previous month along with the current month after I got a short term loan and got my new job.

The bank actually waived the late fee since I had been very current with my mortgage payments for 10 years with them and I only missed one payment.

So speak with the bank about it and see if they'll waive the late fee as some might and some might not.

Either way don't just let it go as it can hurt your credit and chance at even renting another home or getting another mortgage should you lose your home.

If possible maybe sell something that you have such as an extra car or something to make the mortgage payment.

But again just missing one mortgage payment is just gonna make you late on your mortgage and may put a small dent in your credit score but you're not gonna be kicked out of your home for one missed mortgage payment.

You can usually miss 3 to 4 mortgage payments before the foreclosure process begins and you're then thrown out of the home.

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