What happens if I miss a loan payment?

If you miss a loan payment with Countrywide Loans, it is important to take immediate action. Firstly, you should contact their customer service team to inform them of the situation and discuss potential solutions. Depending on the circumstances, they may offer options such as a grace period or a payment deferral. However, it is crucial to remember that missing a payment can have consequences. You may incur late fees or penalties, which could affect your credit score. Additionally, consistent failure to make payments may result in the loan going into default, potentially leading to further legal actions or additional fees. Therefore, it is always recommended to communicate with Countrywide Loans to find the best resolution and avoid any further complications.