Explore the Mortgage101 Library
Check Local Mortgage Rates
Loan Program Choices
Use our calculator to find out your estimated monthly payment in advance: Enter the loan amount, interest rate, and length of mortgage.
Try our Mortgage Payment Calculator
If you are suffering from financial difficulty, it can be quite a headache trying to figure out how to negotiate a late mortgage payment. However, it is relatively easy, and all it requires is that you maintain an honest and reliable relationship with your lender so that a solid bond of trust exists when it comes to a late payment.
Things You Need to Negotiate a Late Mortgage Payment
- Mortgage bill
- Friendly and professional demeanor
Step 1–Determine the Cause of Late Payment
Whether you have accidentally forgotten or you have financial problems, you should notify your lender of the situation. Most mortgage lenders offer special rates for those with financial problems in order for them to settle their payments without jeopardizing their lifestyles.
Step 2–Notify Your Lenders
If you know that you will be late with a payment, immediately contact your lender. If you had forgotten about the payment but manage to call them before the due date, ask for a later date to settle your payment. Depending on how strict your lender is, a repayment that is a day or two late may not result in any penalties as long as you have notified them.
It is trickier to convince them after the due date. However, you can still ask whether you can pay at a later date without a penalty. When you make this request, assure the lender of the date and amount that you will pay late.
If you are facing financial difficulties, you should notify the lender immediately so they can offer you a special rate that can help you both with your other living expenses and with settling your mortgage repayments.
Step 3–Keep Your Promises
Once you have promised your lender of the date that you will pay and probably the amount as well, make sure you pay on time. They would much prefer to know that you have paid on time as you have promised, rather than having to call you to notify you to pay. If you are able to keep your word, the lenders will find you more reliable, instead of someone who is trying to skirt around paying the mortgage.
Step 4–Do Not Be Rude
Although many borrowers will feel intimidated, especially since they are under pressure about the late payments, the last thing a borrower will want to do is annoy a lender with his tone of voice or swear at the person on the phone. Try not to intimidate the lender or put them under pressure. It is never good to annoy them, as they may not be as flexible with the late repayment if you do. If you can maintain a warm professional conversation, it will be much easier to negotiate with them about late mortgage payments or to relay your financial problems.
- Short Selling a Rental Property
- Should You Refinance? Make Sure the Timing is Right
- FHA Eligibility with Bankruptcy and Foreclosure
- 3 Warning Signs of Loan Modification Scams
- 3 Factors that Can Negatively Affect Your Mortgage Application
- What To Do When Mortgages Default
- Second Mortgages: Advantages and Disadvantages
- Home Equity Loans for People with Bad Credit
- Low Down Payment Loan Qualification