What Happens if You Miss a Mortgage Payment with RBC: Options and Solutions

Sometimes, life throws us a curveball, and we might find ourselves falling behind on our mortgage payments. If you're with the Royal Bank of Canada (RBC) and you miss a mortgage payment, what happens next? This article will explore the consequences, what RBC may do, and the options available to you via online banking, the mobile app, and customer service.

Consequences of Missing a Mortgage Payment with RBC

Before we dive into the solutions, it's important to understand what happens when you miss a mortgage payment. At RBC, just like most banks, missing a payment is taken seriously. You'll start with a late fee, and if left unresolved, it could lead to the risk of foreclosure. Your credit score may also take a hit.

Resolving the Issue through RBC Online Banking

One pathway to manage your mortgage with RBC is their online banking platform. You can use it to schedule automatic payments, look at your payment history, and keep track of your mortgage balance. If you've missed a payment, you can use this platform to make an immediate one-time payment or reschedule future ones.

1. After signing into your account, click on the 'Pay Bills & Transfer Funds' option.
2. Select your mortgage account and enter the required payment amount.
3. Confirm the details, submit the payment, and wait for a confirmation message.

In addition, you can send a secure message to RBC through the Message Centre to discuss payment arrangements or potential solutions.

Managing Your Mortgage via the RBC Mobile App

If you prefer using your smartphone, you can manage your mortgage through the RBC Mobile app. The steps for making a payment are similar to online banking. The app also includes helpful budgeting tools that can assist you in managing your payments better in the future.

1. Launch the app and sign in.
2. Under the 'More' menu, choose 'Pay Bills & Transfer Funds'.
3. Choose your mortgage account, input payment amount, and confirm.

Contacting RBC directly from the app is also possible. Head to 'Contact Us' within the app and write a secure email regarding your situation. Alternately, you can call the toll-free number provided.

Reaching Out to RBC Customer Service

If you want to speak directly to a person at RBC, their customer service line is a good option. They can provide guidance on your next steps and discuss potential payment arrangement options.

1. Call RBC Customer Service at their toll-free number.
2. Explain your situation to the representative and ask about possible solutions.

In some cases, RBC might be able to work out a modified payment plan, or even defer a payment, depending on your individual circumstances.

Conclusion

Missing a mortgage payment can be challenging, but remember that RBC offers multiple ways to address the situation. Whether through online banking, the mobile app, or direct customer service, you can always find a solution. It's crucial not to ignore the problem and tackle it head-on for your financial security and peace of mind.