From time to time, mistakes are made and one of those mistakes might be forgetting to make your mortgage payment on time. Things can easily be overlooked, or you may be experiencing financial hardships that prevent you from paying your mortgage. Here are the steps you should take if the unthinkable happens and you do forget your mortgage payment.
If you have the funds, make your payment as soon as possible. Your payment will post at the end of the business day and this will show that you made an effort to correct the situation as soon as you noticed it. Being late for one mortgage payment usually isn’t the end of the world; it’s when it becomes a pattern or when payments are completely missed that problems start to occur.
After making your payment, reach out to your lender or bank’s customer service to explain the situation. Many banks offer a grace period, so if you were late on your payment, you might be within the grace period and will suffer no consequences, like a late fee. If you are unable to make your payment, ask what your options are for paying back the previous month and what can be done going forward. Your main goal should be getting your payments back on track without suffering more missed payments.
If your payment did fall out of the grace period, chances are you’ll be hit with a hefty late fee. While talking to your lender, ask them to waive the fee if you are a first-time offender or if this happens very rarely. It never hurts to ask, and if you have a track record of being a good customer, they might be willing to work with you.
Did you simply forget to make your payment? Now would be a great time to get your mortgage payment set up on an auto-pay system or have your bank notify you when your bill is due. Taking the remembering out of paying bills makes them easier and having them automatically taken from your bank account means you don’t have to lift a finger!
Once your payment has posted and you are back on track, you’ll want to check your credit score. Missing a mortgage payment could affect your score, so you’ll want to see if there has been any change.
Posted In: Homeowner Tips