Buying a home is a goal for most people. They work hard during the early adulthood to make sure they have money to secure a mortgage in the future.

In the beginning, things may be going well. Payments are getting made on time, and you’re living comfortably.

However, as time progresses, life circumstances can impact your finances. It could result in a situation where you have to miss a mortgage payment.

Do you know what happens if you miss a payment? If not, continue reading to learn more.

Missing Mortgage Payments

When you miss a mortgage payment for the first time, you may probably panic. But don’t worry, you’re not going to lose your house the day after you miss the payment.

Different approaches are taken before you would get to the point of foreclosure on your home. Let’s take a look at them.

Grace Period

Most lenders will give you a certain grace period after the submission date for your mortgage payment. Depending on the lender, it’s typically around 10 -15 days.

So you will have a decent amount of time to submit your payment. But make sure you look at your mortgage paperwork to verify what your grace period will be.

Late Fee

After you’ve missed the payment and grace period date, next will be a late fee. It will appear on your following mortgage statement.

When you’re making the next mortgage payment, ensure that you pay the late fee too. Even if you make the payment, the account may not be current because you didn’t pay the late fee.

Collection Agency

If you haven’t paid your mortgage in more than a month, your lender will contact you regarding the matter. In this communication, they may let you know that your account has gone to the mitigation department.

Through loan modification, you’ll be able to keep the house. However, if you ignore communications and further payments, it will lead to foreclosure.


The last measure that will be taken against you for being behind on mortgage payments is foreclosure. Since no payments have been made to your lender, they can start foreclosure proceedings against you.

The process typically takes a year and a half to finish. But if you get to this point, make sure to check your lender’s policies regarding their foreclosure process.

What Should You Do If You Miss a Payment?

One of the first things you should do if you miss a payment is contact your lender. By openly communicating with them, you can keep them informed about your situation.

You can also discuss other options like forbearance and loan refinancing with your lender to alleviate some financial stress. You can follow the link provided to learn more information about these options.

Try Not To Miss a Mortgage Payment

Financial stress can cause you to miss a mortgage payment. The good news is, it’s not the end of the world if you do. Continue to do your best to keep your account current, so you won’t have to deal with penalties.

Hopefully, you’ve enjoyed reading this article. If so, check out our other blogs for insightful content.

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Mashum Mollah
Mashum Mollah is an entrepreneur, founder, and CEO at Viacon, a digital marketing agency that drives visibility, engagement, and proven results. He blogs at

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