Can I Defer a Mortgage Payment?

Deferring a mortgage payment means that you are postponing or skipping a mortgage payment until a later date. Those that are going through a temporary financial hardship look for ways to pause payments briefly while they get their finances in order.

The financial hardship could be the result of suddenly losing your income or a significant and unexpected expense, such as one from an accident.

One thing to remember is that deferring payment is not without consequence. However, the alternative, foreclosure, is much worse. That’s why many choose to accept the ding of skipping a payment instead of losing their home.

Another thing to keep in mind is that one must qualify for a deferment, plus the lender must have it as an option.

Keep reading to learn more about deferring your mortgage payment, and please contact us for more specific questions about qualifying criteria.

Understanding “Forbearance”

Forbearance” is the term mortgage pros use to describe skipping a mortgage payment. Forbearance can also mean temporarily reducing the payment amount. Forbearance is not indefinite. The relief is allowed for a specified length of time, freezing any foreclosure proceedings from happening.

When that time is up, you’ll go back to the regular payment schedule plus a bit more to catch up on those missed mortgage payments.

Showing Proof of Hardship

Each qualifying circumstance is unique, and this article wouldn’t be able to list every single situation in which one qualifies for forbearance. The best way to determine if you qualify is to call and ask your lender! They’ll ask you for more details about your financial hardships as well as proof that it’s temporary, lasting only a month or two.

If you think that it’ll last longer than that, a better alternative would be modifying your loan.

Unsure whether forbearance or modification is right for you? Contact us today for honest mortgage guidance!

Forbearance Option

Forbearance has a few options, and the program you qualify for often depends on the type of temporary hardship you are experiencing. Some situations call for a reduction of mortgage payments, while others will allow for a complete pause on the debt.

When Is It Necessary to Defer?

Forbearance isn’t your only option when financial hardship occurs. Sometimes all you need is a grace period –the ability to make a payment without accumulating late fees. Also, since credit bureaus usually aren’t notified about late payments until they pass the 30-day mark, your credit may not even suffer from a past-due mortgage payment.
Whether skipping a payment, temporarily lowering it, submitting it a few days late, or modifying your loan are ways that you can avoid going into foreclosure. To understand which option works best for you, please call our office for a personalized consultation.

Share post
Share on facebook
Share on twitter
Share on linkedin

Check if you Qualify for a Loan

Before you start shopping for a home, you need to know exactly how much you can actually qualify for.

Answer 6 simple questions to make sure that you meet the simple basic requirements to qualify for a mortgage.  Once in our “Exclusive Pre-Qualifying Mortgage Calculator,”  all you have to do is plug in your numbers to see if you qualify.  This calculator is based on the income, debt, and purchase price that you enter and will show you if you qualify or not for a Conventional Mortgage Loan or an FHA (Federal Housing Administration) Mortgage Loan.

Search Posts

Recent Posts


  • This field is for validation purposes and should be left unchanged.

Have a Question? Talk to Our Expert.

Unlimited Mortgage Lending is here to help. If you have any questions about your dream house loan program, never hesitate to call.

Skip to content