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What to Do If I Miss a Mortgage Payment?


Recovering from a missed mortgage payment may feel like a daunting task, but with some help and guidance you will be able to bounce back. One missed payment does not mean you will lose your home to foreclosure, but it does mean it’s time to take action so you can understand your options, rights, and responsibilities.

What Happens If You Miss a Payment?

Most lenders offer a 15-day grace period on mortgage payments before they begin implementing late fees or other penalties. After being at least 30 days late on a payment, your credit history will be impacted, and the longer it takes to make a loan payment, the stiffer the ding to your credit.

Missing a payment can be scary, and it’s natural if you find yourself fearing the worst. In times like this, however, it’s important to confront the challenge so you can be in the best position for getting back on your feet.

Here are some steps to take if you miss a mortgage payment and need some financial relief to get back on track.

  • Discuss options for a repayment plan – Contact your loan servicer to discuss your situation and see if they would agree to a repayment plan. This would enable you to spread out your late mortgage payments over a set period of time until you are caught back up.
  • Consider forbearance – If you’ve experienced an unexpected loss of income, forbearance may help as it will temporarily reduce or suspend your monthly payments for a certain period of time. Once forbearance ends, you’ll have options for repayment. To learn more about repayment options, be sure to read this post.
  • Seek a mortgage modification – A loan modification will change your original loan terms by either extending the repayment term, adjusting the interest rate, or making another type of modification to the loan.

If you miss a mortgage payment, be proactive by contacting your lender and working with us to help you understand your legal rights and responsibilities. At Jacobs Legal, we’re here to defend you and protect you during this difficult time. Don’t hesitate to get in touch with questions.

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