What you donโt know about skipping a mortgage payment that could hurt you
HOUSTON โ Millions of Americans are out of work and not able to pay their mortgage right now. Before you take them up on this offer and skip a payment or a few, hold up. You should know that skipping just one payment could do more damage in the long run. โIt's what they're not telling you.โBaker said your credit report will have the word โforbearanceโ on it, a kind of scarlet letter. โThe minute someone opts not to make a payment or two or three, immediately- their credit report is branded with the word 'forbearance,โ" she explained.
Mortgage relief: What you need to know before you call your lender
HOUSTON โ Many homeowners that are having a hard time paying their mortgage during this pandemic can ask their mortgage company for help. But Consumer Reports researchers said many mortgage companies were giving homeowners who called inaccurate information. There are four options homeowners and mortgage companies can choose to repay those skipped payments back when the homeowner gets back on their feet. You can find out if you have a federally-backed mortgage, by using Fannie Maeโs look-up tool or calling 800-232-6643. If your mortgage is federally backed, and you need help, call your mortgage company back and ask for it.