If you forget your mortgage payment for one month, act immediately to mitigate consequences. First, contact your mortgage servicer to explain the oversight and inquire about payment options. Many lenders offer grace periods (typically 15–30 days) before charging late fees or reporting the delinquency to credit bureaus. If the payment is missed beyond the grace period, request a repayment plan or temporary deferral. Paying the overdue amount as soon as possible can prevent further penalties and protect your credit score.

Lender communication is critical because mortgage servicers prioritize resolving short-term defaults to avoid long-term risks. Data from the Consumer Financial Protection Bureau (CFPB) shows that 30-day delinquencies account for 60% of mortgage defaults, with timely resolutions reducing foreclosure likelihood by 70%. Fannie Mae reports that 90% of lenders permit payment arrangements for one-time defaults, provided the borrower has a stable income history. Conversely, delayed action increases the risk of credit score drops (averaging 40–50 points for a 30-day delinquency, per Experian) and potential penalties (up to 5% of the outstanding balance as late fees). Proactive resolution aligns with industry guidelines to minimize long-term financial harm while maintaining equitable treatment under federal housing laws like the Fair Housing Act.