Missing a mortgage payment doesn't mean immediate loss of your home, but quick action is vital. After a 15-day grace period, late fees apply, and after 30 days, missed payments are reported to credit bureaus, harming your credit score. Continued nonpayment can lead to default and foreclosure or power of sale, depending on the province. Contact your lender promptly to discuss options like repayment plans or deferrals to avoid severe consequences.
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