07 Jan 2022

Do Mortgage Companies Ever Let You Skip a Mortgage Payment?

Home loan lenders still offer conventional mortgages. In addition, non-bank lenders such as Mortgage House offer innovative home loan products that allow homeowners to skip a payment.

The Skip-Payment mortgage does exist. Keep in mind that it doesn’t mean that the skipped payment disappears. The amount is added to the end of the mortgage and the home loan interest rates charges. In this case, it’s baked into the cake. Thus, it doesn’t cause additional disruption to the original home loan agreement.

Homeowners who face financial hardship can request to skip a repayment. However, you need to speak with the lender beforehand. Lenders prefer to stay away from foreclosure proceedings. By keeping an open line of communication, a lender has time to evaluate the homeowner’s current finances. Based on the lender’s findings, it’s easier to find a tactic or new mortgage product. 

Mortgage House provides several solutions to homeowners who experience financial hardship. The goal is to keep the homeowner in their home. Sometimes reworking the original home loan puts the homeowner in a better position.

In some cases, it’s best to downsize. Then, purchase a higher value home down the road. 

Our loan specialists work with clients and walk them through potential solutions. 

Skip a Payment Conclusion

If a homeowner has the correct mortgage, they can skip a payment. It’s baked into the cake. When homeowners face financial hardship, they can skip a payment. However, the payment and additional interest rate charges don’t go away. Contact our Mortgage House loan specialists to obtain more information.

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