Can You Really Skip Your Mortgage Payment?

Can You Really Skip Your Mortgage Payment?

There are rumors that mortgage assistance may allow you to “skip” monthly payments if you are in a tough financial spot. Let’s set the record straight—there’s no such thing as “skipping” mortgage payments. In case you have suffered financially during the crisis, there are assistance options available, mortgage-related questions don’t need to be among your uncertainties right now. Below are the available options:


This is the plan everyone is talking about since the passage of the CARES Act. It’s when a lender agrees to let a borrower postpone payments until a later date. The payments are not eliminated. They will need to be paid at the end of the forbearance period, spread over time, or added at the end of the loan.


This is a legal process that alters the terms of your loan. For instance, a modification could lower your monthly payments by lengthening your loan term.


This is a plan that allows you to postpone your payments for a set time then pay them at the end of your regular loan term. “Deferments” and “forbearances” are often used interchangeably, but they are different. A deferment eliminates the need to make up multiple payments at the end of a short postponement period. Deferments are not available from all servicers.

Payment Assistance Program

This is an arrangement that allows you to make up your postponed payments at the end of a forbearance period by spreading the cost over a period of time. Payment Assistance Programs are not available from all servicers.

Cash Out Refi or Home Equity Line of Credit (HELOC)

Accessing equity in your home by refinancing or obtaining a secured credit line may be a good option for lowering your payments, consolidating other debts, and/or creating a cash cushion. A refinance will be especially beneficial if current rates are lower than those on your existing mortgage.

To set up the other options listed here, please reach out using the contact information on your monthly loan statement. Document all calls and agreements, then check your monthly statements and credit reports to assure that changes are reported correctly.

We’re here for you if have questions or would like further guidance. Reach out if you need us.

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