You may be allowed to skip a payment on your loan, however this is reviewed on a case by case basis.
There are financial consequences you should consider before requesting to skip a mortgage payment:
• Interest is still being charged on your loan or mortgage and is added to your outstanding balance. This means it will take you longer to pay it off.
• You will need to get your payments back on track at a future date by either increasing your regularly scheduled payments, making catch up payments or refinancing your loan or mortgage.
Other options may also be available to you. Contact us to discuss.
