Can I make a partial payment on my mortgage?

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Can I make a partial payment on my mortgage?


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Great question as I’m sure many people today are wondering the same thing. The most basic answer to your question is yes. However it comes with unintended consequences. When you signed your mortgage documents at the closing table, you entered into a legal and binding contract where you agreed to make the full payment each and every month. If you decide to make a partial payment that is your prerogative, but will not fulfill your contractual obligations and be responsible for its consequences.

When this happens, you will see a few things happen. First, your lender will assess you a late fee typically 5%. Secondly, since you failed to pay the full amount within the allotted 30 day time period, they will report you 30 days late to the three credit bureaus. Finally, the following month you will not only have to pay the full payment but you will have to catch up on the remaining payment you missed the prior month or your lender will continue to report you 30 days late as a result of the slow pay.

If you are having trouble making your mortgage payment or know you will have trouble making your mortgage payment in the future, I suggest you contact an attorney or a loan modification expert who can intervene on your behalf and see if a successful modification can be worked out. It will be to your benefit in the long term if you can be proactive in dealing with this potential issue.

Answered almost 6 years ago
Mike King
171 7

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