Skip payment clause

Skip payment clause,

Definition of Skip payment clause:

  1. Provision in some mortgage agreements whereby the borrower (mortgagor) is allowed to omit one or more payments against (1) sums paid in excess of monthly installment, or (2) against an advance notice of omission, without affecting interest accumulation and total principal payable. Also called skip payment privilege.

Meaning of Skip payment clause & Skip payment clause Definition