What happens if I miss a mortgage payment?

If you miss a mortgage payment with Select Portfolio Servicing, it is essential to promptly address the issue. Failure to make your payment on time may lead to several consequences. Firstly, you may incur a late fee as specified in your mortgage agreement. Additionally, consistent missed payments can negatively impact your credit score, making it more challenging to secure future financing. Select Portfolio Servicing may also initiate collection efforts, which may involve contacting you to discuss payment options or potentially pursuing foreclosure proceedings. It is crucial to communicate with Select Portfolio Servicing as soon as possible if you are unable to make a payment. They may be able to offer alternatives such as forbearance or repayment plans to help you avoid further financial complications.