Outside the Grace Several months, Your credit score Would be Downgraded Understand that should you ever miss a payment, you have to make upwards for the skipped payment in the particular era. You simply can’t only pretend think its great never ever took place and you will add they into the principal amount borrowed. For folks who miss one mortgage payment and then afford the 2nd payment on time, you to definitely following the month’s mortgage payment would be considered Late. When you are essentially to try out meet up with your instalments. The reason being the following month’s mortgage repayment are layer your own early in the day month’s skipped mortgage payment and the like. While the grace period is finished, and you are nonetheless about to the mortgage repayments, certain effects was handed down.