What happens if I miss a mortgage payment?
Asked 6 months ago
If you miss a mortgage payment, it can have serious consequences on your financial situation. Firstly, it may result in late payment fees and penalties imposed by the lender. Additionally, it could negatively impact your credit score, making it difficult for you to secure future loans or obtain favorable interest rates. The lender may also initiate the foreclosure process, which could lead to the loss of your home. To avoid these consequences, it is crucial to contact your lender as soon as you realize you will be unable to make a payment. They may be able to offer solutions such as loan modifications, forbearance, or repayment plans to help you catch up on missed payments.
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