Good Reason for Skipping Mortgage Payment?

[readerd]

I want to skip a mortgage payment on my TD mortgage. I understand that I will have to give them a reason. Is, to help negative cash flow, going to cut it or should I come up with a more creative response? Any advice would be appreciated.

 

[dwb]

I have permission to "skip" one payment per year... So I skipped my February mortgage payment this month. I used the rental income that would have been going to my mortgage instead to invest in my RSP.

I`ve been doing that same procedure every February for a few years now to get a little more into the RSP.

 

[MikeMcCrae]

I hope the RRSP is going into real estate so you can make some decent returns.

 

[RobMacdonald]

If your bank does not allow 1 skipped payment per year, then they may consider a mortgage payment skip as an exception. I don`t think that negative cashflow is typically a good reason for them to allow a skipped payment. They are usually looking for something along the lines of `hardship`.

If you`ve been making biweekly payments, thenyou could ask them to adjust the amortization back for the extra payments. THat could buy you some time.

 

[ssteckler]

TD allowed me to skip this month`s payment, except they don`t call it `skip a payment`. Instead they call it `mortgage payment extension`, but it works the same. They asked me why I wanted to skip a payment and I said the mortgage is for a rental property and I wanted to increase my cashflow and it was approved. I am able to do it once a year. Why don`t you just ask and see what they say?

Stephen Steckler

 

[readerd]

Thanks for the input everyone.

Dave