What happens if I miss a mortgage payment?

If a borrower misses a mortgage payment with Freedom Mortgage, several consequences may follow. Initially, the borrower is typically given a grace period during which the payment can be made without incurring a late fee. This period is usually around fifteen days, but it is important for borrowers to confirm the specific terms in their mortgage agreement. Once the grace period expires, a late fee may be assessed, which is generally a percentage of the overdue payment. If the payment remains unpaid, the account will be reported as delinquent, which can negatively impact the borrower's credit score. Continued missed payments may lead to more severe consequences, such as a notice of default, which can ultimately result in foreclosure if the situation is not addressed. To avoid these repercussions, borrowers are encouraged to maintain open communication with their lender. Freedom Mortgage often has options available for borrowers facing financial difficulties. For specific policies and assistance, checking the current website for Al information regarding missed payments may be beneficial.