Missing a payment on your home loan can have serious consequences. Lenders may charge you a fee depending on how late your repayment takes, and could even send a formal letter about the possible repercussions you may face. Other possibilities include the reduction of your credit score, affecting your potential loans or forms of credit in the future, or house foreclosure in the extreme instance you miss multiple mortgage repayments.
It is important to discuss your home loan options with a mortgage broker to avoid the consequences of missed mortgage repayments. If you would like to chat about your options, contact us and we will get back to you.