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Can You Skip One Mortgage Payment? Here’s What You Need To Know

Getting behind on your monthly mortgage payments can result in severe consequences. But we get it – times are tough, and sometimes unprecedented setbacks can occur. If you’re wondering, “Can I skip one mortgage payment?” – this blog will be a helpful resource.

Can You Skip One Mortgage Payment?

If you’re a homeowner, it’s essential to know how the system works. We’ll let you know if you can skip one mortgage payment or not. 

The Consequences of Missing One Mortgage Payment

In most cases, skipping one mortgage payment isn’t enough to start the foreclosure process. However, there might still be negative repercussions. 

Credit Score

If you miss one mortgage payment, or any bill for that matter, your credit score can be affected. Once a payment is missed, it will be reported to the credit bureaus. If your score goes down, borrowing money in the future could be more difficult. 

Late Fees

In most cases, you’ll be charged a late fee after skipping a payment. The fee amount is preset by the mortgage lender and outlined in your loan agreement. 

The good news is that most mortgages come with a grace period to avoid fees and penalties. A typical grace period is 15 days, but it’s important to refer to your loan documents and double-check what yours is. 

Will One Missed Mortgage Payment Result in Foreclosure?


Rest assured, one missed mortgage payment won’t lead to foreclosure. At least two missed payments will have to occur for foreclosure even to be a viable option. 

Often, lenders won’t initiate the foreclosure until you’re more than 90 days behind on your payments. In that case, you still won’t immediately land in foreclosure. A warning will state that you’ve defaulted on your mortgage and have 30 days to take action and pay your mortgage balance – otherwise, the foreclosure process will start.

What Are My Options if I Start Missing More Than One Mortgage Payment?

If you’re facing financial hardship and falling behind on mortgage payments, there are some helpful options for avoiding foreclosure

Alter Your Mortgage

If you’re missing monthly payments or know you will miss a payment, consider altering your mortgage. There are several ways to do so. 

Mortgage Forbearance 

Mortgage forbearance provides temporary relief to homeowners struggling to pay their mortgages. You and your mortgage company will agree to suspend or reduce your mortgage for a specified time. You’ll have the freedom to take time to get back on your feet and have mortgage relief. 

When the forbearance period ends, you’ll need to repay the reduced or suspended amount. You’re not required to repay the missed amount all at once, but that is an option.

Everyone doesn’t automatically qualify for mortgage forbearance – you’ll have to work it out with your lender. Forbearance could be an option if you’re behind on your mortgage payments, on the verge of falling behind, or experiencing a temporary hardship (loss of job, physical disability, incarceration, military deployment, etc.). 

Mortgage Refinancing 

Mortgage refinancing is a good option that can save you money and make paying your monthly bills easier. When you refinance, you’ll get a new mortgage to pay off your existing home loan. 

This process is very similar to the original process of buying a home, minus the stress of searching for a new property and hauling moving boxes. 

Mortgage refinancing is a solid option if you’re looking to lower your monthly mortgage payment by reducing your interest rate or increasing your loan term. Also, it can reduce your long-term interest costs through a lower mortgage rate or a shorter loan term. 

Mortgage Modification

Mortgage modification is a solid option to avoid foreclosure. You can adjust the length of the life of your mortgage, switch from an adjustable rate to a fixed-rate mortgage, or lower your interest rate. Unlike mortgage refinancing, loan modifications won’t replace your current mortgage. Your original mortgage loan is simply altered. 

Additional Options To Avoid Foreclosure

Aside from making changes to your mortgage, here are some other things you can do to prevent a foreclosure from happening.

avoiding foreclosure

Short Sale

A short sale is an offer for a home at an asking price less than the current amount due on the existing homeowner’s mortgage loan. If a bank or lender agrees to a short sale, they either decide to forgive the remaining balance of the mortgage not covered by the sale, or they will require the homeowner to pay the lender all or part of the difference. 

Sell to a Home Investor for Cash

Another way to sell your home quickly is to find a home investor that will buy your house for cash. Unlike a short sale, you will have more flexibility to set your own timetable and control the sale price. That way, you can retain some of the equity you built and protect your credit. 

Temporarily Rent Your Home

If you have somewhere to live so you can rent out your home temporarily, this could help you catch up on mortgage payments. Renters will pay good money to live in a house over an apartment (especially in a desirable location), so you’ll find that you can charge a monthly rent rate that meets or even exceeds your mortgage dues. 

Of course, renting a property can be a complex process. To start, you have to be comfortable with someone else living in the place you call home, have landlord duties, and have to find the ideal candidate. It’s not the right choice for everyone, but it might be for you. 

Renewed Homes Is Here To Help

Are you afraid of getting behind on mortgage payments? The time to take action is now! If you need help avoiding serious consequences or foreclosure, consider selling your house to our team at Renewed Homes. We’ll provide you with a cash offer, ensure a quick and smooth selling process, and help you avoid all the negative consequences that come with going into foreclosure. Give our team a call at (269) 362-0931 or contact us online to learn more.  

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