Question:

What is important about a deferred mortgage payment?

Answer:

If you were experiencing financial hardships and you got more than one deferred mortgage payment, you should think of the fine print in the agreement. Surely, mortgage deferment will cost you money, but if you have several months' PITI funds set aside the interest might be enough to cover the deferral costs.

Important Things to Know about Deferred Mortgage Payments

Mortgage deferment may involve paying a lump sum at the end of the deferral period. Or, the lending company may charge you more than interest accrued for the days of deferment. You may like to read state regulations about mortgage deferral, or consult a personal financial advisor or a lawyer.

Also, the terms of deferral of mortgage payments are likely to be negotiable with your mortgage company. Especially when properties are destroyed by hurricanes and floods and deferral issues start, one should try negotiation as much as possible with the insurance and mortgage companies, as they will be as troubled as homeowners are.

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