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What Happens if You Miss a Mortgage Payment?

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No one intentionally disturbs default on loan or credit card payments — Sometimes life happens and you’re past your due date without knowing it and you’re stuck with late fees.

if it is missing mortgage payments, However, depending on how long the bill is overdue, the consequences can be much more severe.

under, select We detail what happens when you default on your mortgage payments, and some things you can do to prevent it from happening in the first place.

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What happens if you miss a mortgage payment?

You can delay a payment even if it’s just a few days past due. credit scoreMortgages usually have a 15-day grace period for late payments, but it’s a good idea to double-check with your lender to know the exact amount. late fee that is.

If your payment is 30 days late or fails at all, then It can affect your credit scoreLenders must report late or missing payments. credit bureauwhich can result in a lower credit score.

with that in mind payment history It makes up 35% of your credit score and tells you if you pay your monthly credit bills on time each month.Since this is the most influential factor in that calculation, your credit score is take a serious hit if you fail to pay;A low credit score may prevent you from getting the best interest rates next time you need it apply for a loan Or a line of credit, so it’s important to maintain a sound one.

If payments are 45 days late, the lender can assign staff to the loan account to learn more about payment assistance options. By the time the 60 days are up, another late fee will be incurred and the lender will have to report this unpaid payment as well, which could further hurt his credit score.

When you’re 90 days late on your mortgage payments, your lender will send you a notice called a dunning letter. This basically indicates that you are behind in payments and unless you initiate the missing payments, the lender has no choice but to initiate a foreclosure proceeding.

Foreclosure is the process by which a lender seizes real estate as a result of the homeowner’s failure to make timely mortgage payments. Your credit score may drop significantly, further compromising your ability to not only get approved for certain credit and loan products, but also receive favorable terms on those loans.

Additionally, if you are more than 120 days late on your mortgage payments, the lender will schedule your home foreclosure and you will lose your property.

How to make your mortgage payments on time

Some of the same strategies you can use to avoid being late Payment of other forms of debt It can also be employed to ensure that mortgage payments are made on time.setting up automatic monthly paymentfor example, to help eliminate the possibility of missing a due date.

Consider other ways to reduce monthly payments, monthly budgetBefore you close your home, ask your lender if you can buy mortgage points. Borrowers can pay these costs upfront, and typically the more mortgage points they purchase, the lower the interest rate.


In general, it is always best to avoid missing any form of debt payment. If mortgage payments are not made for an extended period of time, the consequences can be dire and you risk losing your home. If you’re worried about missing a due date, set up automatic mortgage payments so you don’t have to worry about forgetting to make manual payments each month.

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Editor’s Note: The opinions, analyses, reviews or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, approved or otherwise endorsed by any third party.

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