Can I skip a mortgage payment without penalty?

+1 vote
asked Jul 9, 2019 in Real Estate - Renting by cup7865 (330 points)
Can I skip a mortgage payment without penalty?

1 Answer

0 votes
answered Jul 10, 2019 by Minty (132,850 points)
If you're having trouble making your mortgage payments and need to miss a mortgage payment you can usually defer the missed mortgage payment to the end of the mortgage loan and then pay the missed mortgage payment then without a penalty.

However mortgage companies limit the number of these types of deferrals that you can do over the life of the mortgage.

So you can only miss a certain amount of mortgage payments before you get penalties tacked onto the missed mortgage payments.

You'll also have interest added to the loan due to the missed mortgage payments so you'll be paying more in interest when you miss too many mortgage payments.

Also be aware that sometimes you may eventually face foreclosure on your home in the event of too many missed mortgage payments.

I've missed a couple mortgage payments before due to a temporary income problem due to being laid off my job and I talked to the bank and they worked with me on the mortgage payments.

I then doubled the payments a few months later and caught up completely and I didn't face foreclosure.

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