Missing a mortgage payment can lead to late fees, added interest, and possible credit score damage. The fastest way to limit harm is to contact your lender before the next due date.
Typical timeline
- 1 to 15 days late: late fee may apply.
- Around 30 days: likely credit bureau reporting.
- 60+ days: collections or legal pre-enforcement steps.
- Ongoing default: power of sale or foreclosure risk (province-dependent).
What to do immediately
- Call your lender the same day.
- Ask about short-term options: deferral, payment arrangement, or temporary interest-only support.
- Cut discretionary spending and prioritize housing payments.
Will this hurt your credit?
Often yes, especially once delinquency is reported. A lower score can increase borrowing costs later.