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The truth is that the current laws are limited in protecting you, the borrower. In fact, some shady practices are actually legal. That's why Loan.com created the Borrower's Bill of Rights.
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Most mortgage lenders don't allow you to actually skip payments. So if you miss a payment, all subsequent payments are considered late or delinquent.
Suppose you skip a payment in August. When you make your mortgage payment in September, the mortgage company considers it your August payment, which was never received. Consequently, September's payment is now late. The same thing happens when you make your October payment; it's applied toward September, and now your October payment is considered late. So once you miss a payment, you're a month late every month until that "skipped" amount is paid.
