Question:

What will happen if I skip a mortgage payment?

Answer:

Do not! Do not skip a mortgage payment if you have any way around it. It will reflect on your credit report and harm your credit rating. A good payment history with your mortgage company is very important to maintain.

However, if you really can't afford to make this payment, go to your mortgage company and tell them. Some lenders have ways to accommodate such situations. If you have been good with your payments so far, they may allow you to miss one and let you catch up.  Some lenders may not. Whatever the case, you'd better go and talk to them to see what your options are. If you can, you may like to borrow from a friend.

In any situation, you cannot just pretend that you forgot or stop picking up the phone when your lender calls. If you skip one payment, and then a second one, be wary. Although most lenders may like to work with you through the problem and keep owners on the property, two late mortgage payments bring you some closer to foreclosure.

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