Skip-Payment Mortgage

Everyone has a bad month sometimes. Maybe your iguana gets colitis and you need to pay for its surgery. Maybe you had a run of bad luck at the track. Whatever the cause, you’re going to have trouble making your mortgage payment this month.

Missing a payment isn't a big deal if you have a skip payment mortgage. This structure includes a provision that allows the mortgage borrower to skip payments every so often, without any major implications. No damage to your credit. No nasty notices. No foreclosure threats. No neckless guys in tracksuits knocking on your door at midnight.

The details of the program depend on the particular mortgage contract. But a typical version might stipulate that, like, every year, you can skip one mortgage payment without incurring any fees or penalties. Usually, other conditions apply. Like you have to be otherwise current with your mortgage. Also, skipping the payment likely extends the length of the mortgage (you have to pay that money, sometimes). But having the option of skipping that payment once in a while gives you the ability to ride out a tough month here and there.