Question

Will your mortgage company let you skip a payment?

I read a question today about a mom who was really having money problems and was due with her baby any day, someone who answered her question said she might want to call her mortgage company and they might let her "skip" a payment but "tack" it on for a later month.
Has anyone ever heard of this or had their mortgage company do this in a desperate time? I was just curious since I never heard anyone doing this. Thanks!

4 years ago - 6 answers

Best Answer

Chosen by Asker

It is called a forbearance, and yes, they do it. I have personally done it twice.

4 years ago

Other Answers

I am sure it has been done. They just tack it onto the end of the loan.

by My Take on It - 4 years ago

Some lenders allow you to skip the principle part of the mortgage payment. You still must pay the interest and escrow for taxes and insurance. Look at your statement it could save you as little as 200

by Art - 4 years ago

Yes, they may... normally they won't give you permission up front - but if it happens, they may let it slide if it was a transient incident, and wrap the missing payment into the principle of the loan.

by Christopher B - 4 years ago

Yes. Most banks will do this if you are in good standing. The skipped payment is added to the end of the mortgage. There is a charge. My bank charges $50

by Classy Granny - 4 years ago

talk to them - i know of many instance where something has been done

by savvy61 - 4 years ago