What happens if I miss a payment?
Asked 6 months ago
If a payment is missed, there are a few potential consequences. First, the lender may apply a late fee to the outstanding amount. Additionally, the missed payment will be reported to credit bureaus, which can negatively impact your credit score. To avoid foreclosure, it is crucial to contact Specialized Loan Servicing, LLC immediately to discuss the situation and explore options for repayment. They may be able to offer temporary relief solutions such as loan modifications or forbearance agreements. Communication is essential during this time, and being proactive in addressing the missed payment can help mitigate the potential consequences and maintain a positive relationship with the loan servicer.
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