Can You Miss a Mortgage Payment?
Many hardworking Americans have fallen on hard times in this past year and climbing back out from financial difficulties can be a monumental challenge.
Before we get too far into the details of what to do if you miss a mortgage payment, however, one of the most important things to keep in mind is that there are plenty of things you can do proactively to avoid the ultimate burden of facing foreclosure. Ask for help, and do it early when you still have the most options available to you. That’s what we at Jacobs Legal are here for.
What to know about missed mortgage payments
Missing a mortgage payment is considered a breach in the contract between the borrower (you) and your lender. Missing a payment can come with penalties such as late fees, damage to your credit, and may ultimately lead to the loss of your home if multiple (by that we mean four) payments are missed.
Failing to pay just one mortgage payment may not seem like a big deal, but it is a serious matter. You will very likely be alerted by your lender that possible further actions may be taken if you do not catch up on your missed payments. However tempting it may be, do not ignore this letter.
Generally, many lenders offer a 15-day grace period on missed payments in which you can still make your payment without penalty, but once the payment is officially late, you will face stiffer penalties.
After missing mortgage payments, you will receive a notice of default from your lender, which begins the pre-foreclosure process. But again, remember that pre-foreclosure and missing a payment does not mean you will lose your home, especially if you are prepared to fight.
At Jacobs Legal, we’ve been fighting for homeowners like you since the housing crisis of 2008 and are prepared to do whatever it takes to help you keep your Florida home too. For help, legal guidance and answers to your foreclosure questions, get in touch with us right away.