What happens if I miss a mortgage payment?

Missing a mortgage payment can have several significant consequences that may affect your financial future. First and foremost, late payments are typically reported to credit bureaus, which can negatively impact your credit score. A lower credit score may make it more challenging to secure loans in the future and could result in higher interest rates if you are approved. In addition to the potential impact on your credit score, most mortgage lenders, including Metlife - Home Loans, usually impose a grace period, which may last around fifteen days. If the payment is made within that period, you may not face additional penalties. However, if the payment extends beyond the grace period, late fees may be assessed, and your account will be considered delinquent. If you continue to miss payments, your lender may initiate further actions, including foreclosure proceedings. It is essential to communicate with your lender if you anticipate difficulty making a payment. Many lenders offer programs or options for borrowers facing financial hardship. For the most accurate information on your situation, it is advisable to look at the current web page for contact information or assistance.