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will mortgage company let you skip a payment?

My car loan company will let us skip the payment once per year. Of course, the payment is added to the end of the loan and I understand the disadvantages but...
Just wondering if anyone has a mortgage company that will let you skip a payment.

 
Anonymous

Asked by Anonymous at 7:44 PM on Sep. 18, 2010 in Money & Work

This question is closed.
Answers (12)
  • No, with the mortgage mess they will not they will tell you to skip and then foreclose on you and you won't even know it until it is too late. Not all banks do this but many will so be careful, do not trust them. I worked in the industry and banks don't care what happens to you. It is easier for them just to foreclose then to help you. They will make their money back anyhow they can.
    Congenial

    Answer by Congenial at 7:54 PM on Sep. 18, 2010

  • i have bank of america too and they wont let me skip a payment
    navywifemomkoch

    Answer by navywifemomkoch at 7:48 PM on Sep. 18, 2010

  • I think that normally no, but with the way the economy is right now, if one needed a month and maybe up to three the mortgage company will work to add them to the end of your loan!
    Luisa621

    Answer by Luisa621 at 7:46 PM on Sep. 18, 2010

  • It doesn't hurt to ask them but I asked mine and they said no. Then again, I have Bank of America and they just plain suck, We're letting our house go into foreclosure now..cheaper than selling it. How sad is that.
    Anna-Chubaby

    Answer by Anna-Chubaby at 7:46 PM on Sep. 18, 2010

  • Most won't. I'm with BOA to. I am not friends with them right now.
    But_Mommie

    Answer by But_Mommie at 7:49 PM on Sep. 18, 2010

  • I had a car loan at one time through a bank that let you skip a payment if you wanted in november or december every year...they did it for the holidays. It did add extra interest to do it but it was pretty convienent that they did it at christmas time...luckily that was pre children and I never had to take advantage of it. I'm not sure about a home loan though...they tend to be a little more strict.
    foxracing43701

    Answer by foxracing43701 at 7:54 PM on Sep. 18, 2010

  • It's probably a long shot with any mortgage holder. However, if there is a shot- communicate with the holder before the note is late. Actually, not just with mortgages, with any debt you have. If something has happened to make things come up short, talk to them before accounts are in arrears. Once we had the transmission go out on the only vehicle we owned at the time. I contacted the people we owed money to and all but one worked with us. That was many years ago but the advice is still sound.

    GrnEyedGrandma

    Answer by GrnEyedGrandma at 7:54 PM on Sep. 18, 2010

  • I highly doubt it.
    KairisMama

    Answer by KairisMama at 12:00 PM on Sep. 19, 2010

  • I've never heard of this happening. The only wya to know is to call your bank and find out. However, you don't want to do anything that will reflect negatively on your credit. The financial experts always say you should pay your mortgage first and then all the other bills because paying the other bills doesn't do you any good if you don't have a home to live in.
    HotMama330

    Answer by HotMama330 at 12:24 PM on Sep. 19, 2010

  • Read the answer to this question.  Will your mortgage company let you skip a payment? 


    Then read this.  What is a Forbearance Agreement?

    musicmom08

    Answer by musicmom08 at 2:21 PM on Sep. 19, 2010