What happens if I can’t make my mortgage payment?
Answer:Don't let it happen! If you ever anticipate you may not be able to make your mortgage payment, call your lender and let them know you are having financial hardships and discuss your options.
Basically, if you are having short term trouble, your way out is to ask for and convince the lender and their customer service department to agree to deferral or forbearance period.
Beware about a deferral! It may come in extra costs and in a lump sum once the mortgage deferment is over. Also, you are unlikely to get a deferral unless something big has happened - such as a hurricane, for example.
If you are having short term difficulty making the monthly mortgage payment, you are likely to get a forbearance plan and agree to catch up with payments by a certain date. Interest will keep accruing during the forbearance agreement - there is no way to stop this.
If you are unsure you'll be able to handle a mortgage payment after the forbearance period, you may seek a sale. That's the only way out. Don't wait to get months behind your mortgage payment schedule. This is affect your score and on top of all your lender may lose patience and foreclose upon your property.
Final piece of advice: Monitor your credit report and score regularly, to ensure there are no inaccuracies or unauthorized activity. Your credit report and score are the two major methods that creditors and lenders use to make a credit decision about you. Higher scores usually mean lower interest rates, which will save you money.
See All 3 National Credit Scores & 3 Reports Instantly, Online & Free!
| Not at all | Definitely |
Mortgage QnA is not a common forum. We have special rules:
- Post no questions here. To ask a question, click the Ask a Question link
- We will not publish answers that include any form of advertising
- Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
Common misspellings: mortage and morgage