Do mortgage companies ever let you skip a payment?
Mortgage companies rarely let borrowers skip a payment. If a payment is skipped, typically, this is done without permission. Because this is the case, interest is added along with late fees. Late fees are expensive and can add up without you noticing! Instead of skipping a payment entirely, experts recommend making partial payments to show your lender that you are making strides to completing your loan terms.
Although mortgage companies do not let you skip repayments, you can still apply for assistance through the mortgage company. Some companies offer assistance to those who have been affected by an income loss. However, to get this assistance, the borrower needs to contact a hardship officer and fill out a form proving their loss of income and hardship. It takes up to 21 days for the request to be approved or denied.
There are some Covid-19 mortgage deferral reliefs. However, not everyone qualifies, and it does not last forever. If it comes down to it, you may need to sell your home so that your credit is not impacted and you can earn some money back.
Skipping Mortgage Payments Conclusion
You should never skip mortgage payments. Loan companies will not let you, at least not with permission. Instead, find alternative ways to pay. There are many programs in Australia that help because of financial hardships due to covid-19. Our Mortgage House expert lenders can help you apply!