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What happens when you miss a mortgage payment?

  • 14-03-2019 2:44pm
    #1
    lg01
    Registered Users Posts: 76 ✭✭


    I missed a mortgage payment for the first time this month. It's a small investment property and the tenant left so I had to pay 3k to renovate the place draining my funds. I now live overseas with no plans to come back any time soon, but obviously I want to try to have everything in order.

    I'm going to call my bank now to talk to them but just wondering what happens. Is there an automatic mark against my name or what? Can it be erased if I pay it now, 2-3 weeks late? Any advice?


Comments

  • #2
    pyramuid man
    Registered Users, Registered Users 2 Posts: 1,196 ✭✭✭pyramuid man


    lg01 wrote: »
    I missed a mortgage payment for the first time this month. It's a small investment property and the tenant left so I had to pay 3k to renovate the place draining my funds. I now live overseas with no plans to come back any time soon, but obviously I want to try to have everything in order.

    I'm going to call my bank now to talk to them but just wondering what happens. Is there an automatic mark against my name or what? Can it be erased if I pay it now, 2-3 weeks late? Any advice?


    Calling your bank would be the first step her. Chances are, if you missed a direct debit, they may look for it again in a few weeks. Otherwise they can arrange to take payment another way. If it is repaid within a few weeks, it's unlikely to impact your credit rating but better to check this with the bank again.


  • #3
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    Yes I would pay it immediately if not it will affect your credit rating. Don't bother calling the bank as the missed payment will still go on your credit rating if it goes into the next month.
    lg01 wrote: »
    I missed a mortgage payment for the first time this month. It's a small investment property and the tenant left so I had to pay 3k to renovate the place draining my funds. I now live overseas with no plans to come back any time soon, but obviously I want to try to have everything in order.

    I'm going to call my bank now to talk to them but just wondering what happens. Is there an automatic mark against my name or what? Can it be erased if I pay it now, 2-3 weeks late? Any advice?


  • #4
    Bobeagleburger
    Registered Users, Registered Users 2 Posts: 45,639 ✭✭✭✭Bobeagleburger


    Ring your lender and pay it off asap. You should be grand.


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