Skip Mortgage Payment to pay off Pay Day Loans?

[neato]

Hi there, 

 I need some advice, I was dumb enough to take out 6 payday loans to bridge the gap to get me to my next paycheck.  I did this expecting a bonus for my next check, and the bonus is about $3500 lighter than I expected.  Because of this, I am stuck either paying off these payday loans so they do not continue to leech future paydays, and paying my mortgage.  I will be able to get current next month by making 2 mortgage payments, if these payday loans are paid off first.  If I don't pay them off, I'll still be able to pay my mortgage, but I will be left with about $150 in between paychecks.   What should I do?

Thank you in advance!

[LJ555]

Ugh... that's tough.  I'm sure someone with more expertise might have better advice but if it were me I'd probably call my mortgage company and see if they offer some sort of hardship deal to waive/postpone payment for one month.  If they do, it might mean your next several mortgage payments will be higher than normal.  But it is better to call and know your options than to lapse into a 30d late payment on your mortgage which would be bad news bears.  One of the hardest lessons I've learned in all of this credit stuff is that it's always better to JUST CALL and talk to someone - you'd be surprised how helpful people are sometimes.

[Anonymous]

Do NOT skip a mortgage payment, that will hurt you badly for years (at least 2). 

If you can negotiate a late payment without penalty do that first.  If they wont play ball, see if they will take a half payment without reporting you as missing for the month and make it up the next month.

Explore that and get back to us.

[RobertEG]

Some agressive lendors will even initiate foreclosure based on a single late.

I would definately consult your mortgage lendor and secure some grant of reduced of adjusted payment before defaulting on the most important loan in your portfolio.......