I am short this month. The mortgage is a 30 term. Will it be added on to the very last payment if I don't pay it this month? Will it increase my mortgage payments for next year?
2007-01-04 07:43:22 · 17 answers · asked by ouisy_01 3 in Business & Finance ➔ Renting & Real Estate
I have never missed a payment yet in 4 years.
2007-01-04 07:44:30 · update #1
Skipping a mortgage payment is the worst thing you can do to your credit if you haven't worked it out with your mortgage company. Call them FIRST and see if they will do this and go ahead and add on the interest.
My advice is to cut back in other places FIRST.
2007-01-04 07:46:00 · answer #1 · answered by It's Me 5 · 1⤊ 0⤋
Skipping mortgage payments is not a good idea. Work out some sort of minimum payment plan with your family member, sell something you own or find a way to get a small personal loan. Skipping mortgage payments will result in late fees and damaged credit.
2016-05-23 03:23:44 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you simply skip a payment, then pick up the following month and make all your payments on time, your lender will show EVERY SUBSEQUENT PAYMENT AS 30 DAYS LATE; ie; each payment will be credited to the previous month, not the current one. You don't get to just skip a payment. They don't just add it on at the end of your term. You will trash your credit. If you make two payments the following month, you will still have a 30 day mortgage late on your credit report. Find a way to make your payment, or contact your lender immediately and see if they will make an exception for you. Some lenders are more reasonable than others. Good luck.
2007-01-04 11:36:25 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No, it doesn't just get tacked on to the end. You'll owe 2 months next month. And fall further and further behind.
Skip everything else you can and pay your mortgage first. Take a small loan from friends, family or even a bank if necessary.
Or send as much as you can, and send the rest before it gets 30 days late. 30 days late is when it starts hitting your credit report. And a late mortgage payment is not good for your credit rating.
2007-01-04 07:48:43 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You'll be charged a late charge and of course, you will have an additional mortgage payment to make before your house is paid off. Think of it this way, you have this principal balance to which interest is applied and so your principal balance will not go down one month and it will be hit with that interest. Have you ever thought of calling the mortgage carrier or a customer rep and saying you need to skip a month rather than ignoring the payment. You have a great credit record, so why not tell them and work something out.
2007-01-04 07:50:11 · answer #5 · answered by Anonymous · 0⤊ 0⤋
If you skip your payment this month, it will be added to the amount due next month, plus late payment fees. You cannot drag it out until your last payment "x" number of years from now, nor can you split it out and allocate it among your remaining payments. While the lender normally won't foreclose for one late payment, if you continue to have one payment outstanding (next month only pay 1 payment, the following month only pay 1 payment, etc.), the lender may, and would have enough reason to, initiate foreclosure proceedings.
If you have an escrow account where you are paying in for taxes, etc. the lender may take your future escrow payments and apply it towards the mortgage payment first.
2007-01-04 07:48:14 · answer #6 · answered by jseah114 6 · 0⤊ 0⤋
Don't just skip a payment. That will be on your credit for a long time. Your best option is to go to your mortgage provider and see if you can find a solution rather than not paying it all together. It would not be added on the last payment it would remain there on your next payment and alll following bills until it is paid.
2007-01-04 07:46:49 · answer #7 · answered by surfer_grl_ca 4 · 0⤊ 0⤋
You'll get annoying phone calls reminding you your late. Consider calling the mortgage lender and letting them know you're a little short, perhaps they'll work out an arrangement. I don't believe foreclosure is an option to them until you have missed six or more payments. I would call them.....
2007-01-04 07:48:11 · answer #8 · answered by Papa 7 · 0⤊ 0⤋
You don't want a 30 day late payment to show up on your credit repor!! Call your mortgage company/bank and make a payment arrangement!!
2007-01-04 07:48:28 · answer #9 · answered by staceydian 2 · 0⤊ 0⤋
You can't just skip one...you'll be delinquent and it will negatively affect your credit. If you've got payment issues call your mortgage company. Perhaps they have a solution for you but you can't just skip it--it does not automatically go to the end of your loan.
2007-01-04 07:46:41 · answer #10 · answered by Emily B 4 · 1⤊ 0⤋