If you forget to pay your mortgage, act immediately. Contact your mortgage servicer to explain the oversight and confirm the payment due date. Most lenders offer a grace period (typically 15–30 days) before charging late fees or reporting the delinquency to credit bureaus. If the payment is overdue, request a payment plan to settle the missed amount as soon as possible. Avoid ignoring the issue, as late payments can damage your credit score, increase fees, and lead to foreclosure if unresolved.

Timely communication with lenders is critical because mortgage contracts legally bind borrowers to payment terms. The Consumer Financial Protection Bureau (CFPB) notes that 60% of homeowners who contact their servicer to discuss missed payments can avoid foreclosure through negotiation. For example, Fannie Mae data shows that 75% of delinquent borrowers who engage in good-faith discussions with lenders recover from default without legal action. Credit bureaus like Experian report that a single 30-day late payment can reduce a credit score by 40–50 points, while prolonged delinquency may lead to a 100+ point drop. Lenders also impose late fees (often 1.5–5% of the monthly payment), which compound over time. Proactive resolution within 30 days minimizes financial and credit damage, whereas delays exceeding 90 days significantly increase foreclosure risks. Thus, prioritizing prompt lender contact and structured repayment ensures long-term financial stability.