What happens if I miss a mortgage payment?
Quick Answer
Short answer: One late payment hurts your credit; multiple misses can trigger foreclosure proceedings.
Detailed Explanation
Missing a payment reports to credit bureaus within 30 days, dropping your score by 50+ points. Lenders typically allow a 15-day grace period but charge late fees ($25–75).
After 90 days of non-payment, most lenders begin formal collection. Alberta's foreclosure process takes 6–12 months, giving you time to sell or refinance.
- Contact your lender immediately if you're struggling
- Payment deferrals may be available (but interest still accrues)
- Selling before foreclosure protects your credit and equity
Disclaimer: This page is for general information only and does not constitute legal, financial, or real estate advice. Always verify details with a licensed Alberta REALTOR®, mortgage professional, or lawyer before making decisions. Buy in Edmonton assumes no liability for actions taken based on this content.
Tim Grover, RE/MAX Excellence • 780-288-5144 • 5607 199 Street NW, Edmonton, AB
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