How to Pay Your Mortgage Late Without Serious Consequences

Everyone goes through hard times now and again, and you might find yourself in a position where you have to pay your mortgage late. If this happens, there are ways to eliminate serious consequences, but you have to communicate. If you just don't send the mortgage payment until five days after it is due, your lender probably isn't going to cut you any slack. If, however, you are upfront about the problem, you might be able to sneak it by once or twice.

First, you'll need to know the details of your mortgage agreement that deal with paying late. What penalties are incurred by the borrower on the first day it's late, and each subsequent date? Some lenders charge a flat fee for each day the rent isn't paid, while others charge a percentage of the total rent until it is paid. Whatever the case, you need to know the worst-case scenario before you attempt this.

Once you know the penalties, call your lender to discuss your payment. Explain that special circumstances (medical bills, lost job, household repairs) have gotten in the way, and that you'll need to pay your mortgage late. Ask if there are any remedies under your contract that will allow you to escape the late fees and avoid other penalties. If not, you'll have to resolve to pay them no matter what.

It is a good idea at this time to tell your lender exactly when you'll be paying your mortgage. Late payments aren't appreciated, and in some cases foreclosures can start immediately. Try not to pay your mortgage more than five or six days late whenever possible, and uphold whatever promise you make over the phone. In addition, it might be a good idea to talk about refinancing or extending the life of your loan if you think this will be a recurring problem.

You should also know that when you pay your mortgage late, it might be reflected in your credit score immediately. This will tell future lenders that you were late on at least one payment, and it might affect your ability to secure financing in the future. The goal is to avoid being late on your mortgage at the cost of other things, such as paying your cable or cell phone bill a few days behind schedule.