What Happens If You Skip Mortgage Payments?

There are many reasons that homeowners might not be able to pay their mortgage. It could be a change of finances, a loss of a job, a relocation or a drop in their home’s value. It’s difficult when a homeowner owes more money than their property is actually worth. Foreclosures can also wreak havoc on your credit and prevent you from qualifying for a new loan. Skipping a mortgage payment isn’t always advisable either- it’s certain to have a negative effect on your credit and finances. This blog provides valuable information on why it’s a bad idea to skip your mortgage payments.