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Juan, Home Buyer in Arlington County, VA

what will happen if i miss one mortgage payment?

Asked by Juan, Arlington County, VA Wed Sep 9, 2009

I need some extra money this month and I was planning on skipping this month mortgage payment.I need to know what the bank will do an dhow bad will it affect my credit.

Help the community by answering this question:


Missing one payment won't change the fact that you'll be one month behind even if you make next month's payment. That WILL show up on your credit as 30 days late. If you don't catch up with that payment, then it will be 60. Then 90, 120 days overdue. etc. Simply put, that missed payment creates huge waves. And the impact could be significant.

Can you cut back on your expenses instead? Pay your credit cards on time so that you don't incur a late payment fee that adds up to your balance. Look for other ways you can reduce your monthly spending.

And when you're back on your feet, make it a habit to "pay yourself" by setting aside some savings for rainy days like now.
0 votes Thank Flag Link Fri May 7, 2010
If you miss one mortgage payment your bank will report you as 30 days late to the credit bureaus. I would suggest against missing your mortgage payment to have extra cash flow for one month. When you are in a stressful situation it is hard to see things in the long run. Missing your mortgage payment to create extra cash would be unwise habit to create. Especially if you are not upside down in this housing market, it would be wise to keep in good standing for possible refinance or if you are in need of borrowing money in the future.

Lauren Dolly
0 votes Thank Flag Link Thu May 6, 2010
Even though this seems like a simple question with a simple answer, there are variables.

The simple answer: You will be 30 days late.

The more correct answer would depend on whether you get caught up at the end of 30 days, or if you just make your regular payment again. If so, then you could have a "rolling 30" late, meaning that you are now 30 days late on each payment. One 30 day late is not a big deal. A 30 day late that rolls from month to month to month could soon be a significant problem for your credit scores.
0 votes Thank Flag Link Mon May 3, 2010
Missing your mortgage payment will have an adverse effect on your credit. It will make it difficult for you to borrow money to buy other things and will likely impact your future borrowing on another house. But, if you cannot afford to pay your mortgage, that is another thing altogether. You are probably already in trouble. But, don't skip a payment out of convenience.
Ed Peckham
0 votes Thank Flag Link Wed Sep 9, 2009
Make your payment. I will hurt your credit. Borrow money against a credit card...None of us can tell you what to do, but missing with your home or your credit right not a good thing to do.

Good luck,

Joan Wilson (Realtor, SRES, Ecobroker)

California Cool 4 Sale
Prudential California Realty
Direct Phone: 760-757-3468
Fax: 760-946-7894
License # 01341483

It is my Goal to Increase the Success and Profitability of Those I Serve
0 votes Thank Flag Link Wed Sep 9, 2009
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