Is there a way I can defer a mortgage for a few months?

Question

Is there a way I can defer a mortgage for a few months?

Answer

When you first purchase a home, your initial mortgage payments are, by default, deferred.  Typically, most homeowners do not pay a mortgage payment until the first day of the month, two months after closing.  So if you sign your closing documents in September, you will not need to pay your first mortgage payment until December 1st in this case.  Of course your closing costs may have been higher, because they would include your prepaid interest. 

However, if you are seeking to defer a mortgage payment for a few months during the term of your loan, perhaps because you are interested in paying off or debt consolidating a mortgage, you need to do a few things: 

  • Call your mortgage lender and ask if they would be willing to defer your payments for a few months without reporting the deferral to the credit reporting agencies.  Be sure to get the name and employee number of everyone you speak with, and also the dates of your conversations.
  • If your lender agrees to help you during that call, follow up on that call in writing, and ask that your lender confirm that in writing.
  • If your lender is not willing to help you with a deferral, and you still need one, consider speaking to someone higher up in the organization, or consider refinancing your loan all together.

You may also wish to speak with an experienced attorney who can help you to negotiate with your lender to get him to agree to an arrangement that works for you.

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