Grace Periods

• Generally, most lenders have a grace period in which you can make your mortgage payment within a certain period after the due date before having to pay late fees. So you can be late on a payment without penalty as long as the lender receives it before your grace period ends. If you don't make the payment before the grace period ends, expect to pay a late fee. If you are unsure about your grace period and late fees, contact your lender.
  
  

Review Your Finances

• It is a good idea to review your finances before you are late on your mortgage payment. Sometimes, this isn't possible due to unforeseen circumstances such as a sudden illness or job loss. Make a list of your monthly income and compare it to a list of your monthly debt obligations. Payments you should include in your list of debts include your mortgage, vehicle, necessary medical expenses, loans, insurance and credit cards. You need to review your finances to asses your current financial situation to determine if there is anything you can adjust or cut back on to better afford your house payments.
  
  

Contact Your Lender

• Your lender will ask about your current financial situation and what circumstances lead to you becoming late on your mortgage payment. If your financial setback is temporary and you believe you will be able to make your mortgage payment within 30 days from its due date, give your lender the approximate date you will be making your payment. If your situation is not temporary and you are unsure as to whether you will be able to make the payment within 30 days, talk to you lender about possible solutions such as a temporary forbearance or a loan modification.
  
  

Solutions

• If you aren't able to make your missed payment within the next month but your current financial situation is temporary, a forbearance may be a good solution. A forbearance is when the lender temporarily suspends your mortgage payment to allow you time to get your finances back in order. If you don't see your financial situation changing any time soon, you may want to discuss a loan modification program with your lender. A loan modification permanently lowers your mortgage payments through interest rate reductions or by extending the life of your loan.