What Happens If You Miss a Mortgage Payment? Here’s What Homeowners Need to Know
Life happens — sometimes unexpectedly. A job loss, medical emergency, or personal crisis can disrupt even the most careful financial plans. For many homeowners, one of the biggest concerns in times of hardship is: What Happens If You Miss a Mortgage Payment? Missing a Mortgage Payment can feel overwhelming, but understanding the process, potential consequences, and your options can help you navigate the situation with less stress and more control. Let’s break down what you need to know. What Happens After a Missed Mortgage Payment? Most mortgage lenders offer a short grace period (often 10–15 days) after your due date, during which you can pay without penalty. However, once you officially miss the deadline, several steps can start unfolding: 1. Late Fees and Penalties After the grace period, your lender will typically apply a late fee, often around 4%–5% of your monthly payment. This can add up quickly if multiple payments are missed. 2. Reporting to Credit Bureaus If your paym...