"skipped payment" is an acceptable and commonly used phrase in written English.
You can use it when you want to refer to a payment that has not been made, either intentionally or unintentionally. For example, "The company's shaky financial situation was exacerbated by a skipped payment on their most recent loan."
After each skipped payment, the monthly payment goes up, reflecting the new remaining mortgage.
But the skip option comes at a price, from $100 to $230 per skipped payment, depending on the size of the loan.
According to a spokesman, the Star Tribune has hired Blackstone to handle debt-restructuring conversations with lenders, and the skipped payment on their $432 million in total debt was not the immediate result of the credit crises falling revenue is the issue though it is affecting renegotiations.
A borrower who skips a payment but pays regularly thereafter stays delinquent (and accumulates late fees) until the skipped payment is made good.
In most cases, the homeowners must pay back the lower or skipped payments over a longer loan period.
Fannie Mae sent guidance to lenders on Wednesday saying that banks could offer unemployed borrowers up to six months of lowered or skipped payments without seeking Fannie's prior approval, and that banks could extend that forbearance up to 12 months with approval.
In 2013, a Mexican woman named Lucia Vega Jimenez was arrested and held in custody after getting caught for skipping payment of public transit fare.
Second, the governor backed off his hints of potentially skipping payment on some or all of New Jersey's full pension payment.
The plan was purposely overfunded so that the state could skip payments for several years.
Peach Bottom settled, with the department agreeing that the plant could skip payments equal to the price of the casks.
Certain homeowners have been eligible to skip payments for three or four months, far shorter than most unemployed people need to get back on their feet.
