Skip a Monthly Mortgage Payment

Can a monthly payment that can not be made due to other financial issues, be skipped and moved to the end of the loan or moved to a later date?

1 Answer

Only if you have the lender's written permission to do so!

In many cases of documented extreme hardship (death, divorce, loss of employment, etc.), lenders will work with borrowers who have otherwise made their payments to set up a short term reduced-payment or delayed payment schedule in order to avoid foreclosure. They then add the balance unpaid to the end of the loan term, with interest. However, every lender is different, and every borrower's circumstances call for a different solution.

If you think you will have trouble with your payment, gather up all of your **documentation **as to why this is the case (Death certificate, "pink slip", divorce decree, medical bills, whatever you might have). The lender will want to see proof of hardship, as well as proof that this hardship can somehow be solved over time (ie, that you will eventually be able to go back to a regular payment schedule). Once you have your income, asset, and hardship paperwork handy, call your lender. Ask them to talk to the department that handles Forebearance or Loss Mitigation. Some lenders will have a separate number set up for this purpose. Tell them are having trouble making your payments, and would like to explore any options they have - they will guide you from there.