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Norlidah Zainal Abidin Asked:

Hi, I need to find out is it possible to ask our mortgage lender to skip a month payment?. My husband were out of job and we ended moved to Virginia 2 years ago from Hawaii when he got a job here. We have a house in Hawaii. Tried to sell it but no luck. We survived paying our mortgage by renting it out. 3 months ago our house was vacant again and we were struggling to find a tenant. Finally we got one unfortunately they going to move at the end of the month which will put us no money left to pay mortgage for this month. My question is, is it possible if we ask the mortgage lender to skip a monht payment knowing the money will come in next month forward?. We never miss our payment so far. This is consider our only house since we are renting in Virginia now. Thank you so much. [Reston VA]



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Answer Provided by: Gabriele Huntsinger [12/29/2008]

Norlidah, thank you for your question. First of let me explain a bit about your mortgage payment. Your mortgage payment is due on the 1st of each month, then you have a 15 day grace period within to pay your mortgage if you exceed that 15 day period you will be charged a 5% penalty of the current mortgage balance, you can pay this plus the mortgage amount on the 30th day of the month and not be considered late for the credit reporting agencies. If you need more time it is advisable that you contact your mortgage lender and let them know that you will be late, however most likely this will result in a 30 day late on a mortgage payment with the reporting agencies. I would try to avoid this at all costs, since having any late reports on your credit can effect your overall credit rating and potentially increases interest rates on credit cards etc. It may also prevent you from qualifying for a mortgage should you decide to buy another home in the near future. I hope this answer is helpful to you. All the best to you and your family. Kindest regards, Gabriele H.