What happens when you miss a payment?

Answer:

If you default on a payment, it doesn’t mean you will lose your home but what it does mean is that it will affect your credit rating. Some lenders will let you pay the interest only on your home once a year but if a payment is missed be prepared to hear from the lender in regards to the payment. Sometimes it is better to have this type of payment set up with the lender before the time arrives so that you both know that the interest only will be paid for the month agreed upon.

[Back to Secured Loans]