Life happens—unexpected expenses, medical bills, job changes, or even simple oversight can cause anyone to miss a mortgage payment. If that’s you right now, take a deep breath. Missing a payment doesn’t automatically mean you’ll lose your home or your credit will collapse. But it’s important to understand what happens next and how to act quickly to protect yourself.
At Lendgo, we believe in giving homeowners clarity and control—especially during stressful moments. Here’s what you should know if you’ve missed a mortgage payment and what steps you can take to get back on track.
What Happens After a Missed Payment
Most lenders have a grace period, typically 10 to 15 days after your due date, before charging a late fee. If you make your payment within that window, it usually won’t impact your credit.
However, if your payment is more than 30 days late, the lender can report it to the credit bureaus. That’s when your credit score may drop, often by 50 to 100 points, depending on your history. The later your payment gets, the more serious the consequences become.
Here’s a general timeline of what can happen:
| Days Late | What Happens | Impact |
|---|---|---|
| 1–15 days | Grace period | Usually no penalty if paid quickly |
| 16–30 days | Late fee applied | Payment still not reported to credit bureaus |
| 30+ days | Reported to credit agencies | Credit score may drop |
| 60+ days | Two missed payments | Larger fees, risk of loan default |
| 90+ days | Three missed payments | Possible foreclosure proceedings begin |
How Missing a Payment Affects Your Credit
Your payment history makes up about 35% of your credit score—the single largest factor. Missing even one mortgage payment can cause noticeable damage, especially if it’s reported.
The good news? If you act fast and communicate with your lender, you may prevent it from being reported as “late.” Most lenders prefer to work with you before things escalate because foreclosure is costly and time-consuming for them too.
What to Do If You Miss a Payment
Missing a payment isn’t the end of the world—but ignoring it can make things worse. Here’s how to get back on track:
1. Contact Your Lender Immediately
Reach out as soon as you realize you’ll miss (or have missed) a payment. Explain your situation honestly. Many lenders can offer temporary relief, such as:
- Short-term payment deferral
- Loan modification
- Forbearance (pausing or reducing payments temporarily)
Being proactive shows responsibility and increases your chances of receiving help.
2. Pay What You Can
Even a partial payment is better than none. It reduces your outstanding balance and shows good faith. If your lender sees you’re trying, they’re more likely to work with you.
3. Avoid Letting Multiple Payments Pile Up
The longer you wait, the harder it becomes to catch up. If you miss two or more payments, your loan may be considered in default, which can trigger legal notices and further fees.
4. Ask About Forbearance or Repayment Options
If your financial hardship is temporary (like job loss or medical leave), your lender may offer forbearance. This allows you to pause payments for a few months until you get back on your feet—without immediate foreclosure risk.
Alternatively, some lenders may agree to a repayment plan, letting you spread missed payments across future months instead of paying them all at once.
Long-Term Strategies to Prevent Missed Payments
Once you’re back on track, it’s important to plan ahead so it doesn’t happen again.
- Set up automatic payments to avoid accidental missed due dates.
- Build an emergency fund—even a few hundred dollars can make a difference.
- Monitor your loan through your online lender portal for alerts or due dates.
- Consider refinancing if your payments are too high for your current budget.
Refinancing into a lower rate or longer term can reduce your monthly payments and give you more breathing room.
With Lendgo, you can compare real refinance offers in minutes—no credit hit, no stress, and no endless phone calls. It’s one of the fastest ways to find out if you could lower your payment before you fall behind again.
When to Seek Professional Help
If you’ve missed multiple payments and feel overwhelmed, it’s okay to ask for help. Certified housing counselors—often available for free through HUD—can walk you through options like repayment plans, modifications, or government programs.
Lendgo’s resource center also includes educational guides to help you make sense of refinancing, loan modification, and affordability tools. The sooner you take action, the more options you’ll have.
The Bottom Line
Missing a mortgage payment is stressful—but it’s fixable. What matters most is acting quickly and staying in communication with your lender. A single late payment won’t define your financial future if you take the right steps.
And if you’re worried about keeping up with payments, Lendgo can help. Compare lenders, explore refinancing options, or use our calculators to see how much you could save.
Every homeowner hits a bump in the road at some point—the key is how you respond.
