What happens if I am a few days late on my mortgage?

If you only miss your payment by a few days, chances are that you won’t have any kind of late fee or reporting to the credit bureau (such as Experian or Equifax) because most lenders generally give you a “grace period.” You should contact your mortgage company to find out what your exact grace period on your home load …

What happens if I miss my mortgage payment?

While nobody wants to miss a mortgage payment, it can happen — especially if money is tight one month. Generally, missed payments can cause your credit score to plunge and lead to late fees. Multiple missed payments can even lead to foreclosure, further damaging your credit and leaving you with no home.

Can you recover from a late mortgage payment?

If you missed a payment because you’re struggling financially, mortgage relief programs and other options are available to help. Ask your lender if it offers forbearance, which could enable you to make temporarily reduced payments or to pause payments altogether if you’re dealing with a hardship such as job loss.