Mortgage Arrears What if I Miss a Mortgage Payment?

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Falling Behind on Mortgage Payments?

Watch this video to learn more about what you can do if you miss on your mortgage payments.

We Can Help You Catch Up on Your Missed Mortgage Payments – Apply Now!

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What Happens if You Miss a Mortgage Payment?

Housing Counseling 

A housing counselor can guide you on the necessary documents to provide your mortgage provider and may even contact them on your behalf. Seeking housing counseling is an important starting point if you’re facing foreclosure.  

Mortgage Forbearance 

If you’re facing financial hardship, you may be able to temporarily pause or reduce your mortgage payments for a predetermined period through forbearance agreements. The terms of these agreements depend on several factors, such as your loan type, loan provider, and investor requirements. 

Mortgage Modification 

A mortgage modification can provide relief by adjusting the terms of your loan to make your payments more affordable. Modification options include: 

  • Adding past-due amounts to your outstanding loan  
  • Extending your repayment term  
  • Reducing your interest rate or principal balance 

Home Sale 

Selling your home can be costly and a substantial burden if you’re facing financial hardship. Selling expenses may include: 

  • Closing costs 
  • Repairs 
  • Utilities 
  • Taxes, and more 

Before deciding to sell, it’s important to ensure you have enough funds available for those unexpected selling expenses.

Short Sale 

A short sale allows homeowners who owe more than their home’s value to sell it for less, aiming to reimburse the mortgage lender of the outstanding mortgage. Contact your lender to determine eligibility for a short sale. 


Failing to pay your mortgage for an extended period can lead to foreclosure – the lender’s ultimate recourse. This ultimately entails them reclaiming ownership of your home, resulting in you losing your home and any equity you had accrued.  

Talk to one of our specialists today, and we will provide the best missed mortgage payment solution for you. 

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When is a Mortgage Payment Considered Late?

Your mortgage payment is considered late if it isn’t received by the end of the grace period, which is typically 15 days (about 2 weeks) after the due date. If you fail to make your mortgage payment by the end of the grace period, you may be charged a late fee, typically a percentage of your monthly mortgage payment.  

If you’re late on your payment by more than thirty days, it can damage your credit score. Some lenders may have different grace periods or late fee policies. It’s important to check with your lender to understand their policies and avoid any potential penalties and impacts on your credit score. 

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Contact today.

Don't Let a Missed Payment Lead to Foreclosure or Bankruptcy

Facing a missed mortgage payment can be devastating, but it doesn’t have to end in a financial downward spiral. Act today and avoid unnecessary court or legal fees.
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How Are Mortgage Late Fees Calculated?

Late mortgage fees are typically charged if a mortgage payment isn’t made by the end of the grace period. The fee amount may vary depending on the type of loan and jurisdiction.  

Generally, late fees only apply to principal and interest, not to other related costs such as insurance and taxes.  

For example, if your monthly mortgage payment is $1,000, and the late fee is 5%, you must pay an additional $50. It’s also important to note that late fees can accumulate over time and make it more difficult to get back on track after missing only a few payments. 

If you’re experiencing financial difficulties, refinancing your mortgage may be a viable option. Apply now and let us help you understand the complicated mortgage process! 

Typical Timeline of Missed Mortgage Payments

While being a few days late may not harm your credit, failing to make a payment altogether can negatively impact your credit and your ability to keep your home.  

One Missed Mortgage Payment 

Once your mortgage payment is 30 days (about 4 and a half weeks) late, your servicer will report the missed payment to the credit bureaus, potentially damaging your credit score. Your loan provider is required to contact you after 36 days (about 1 month 5 and a half days) without a payment. 

Two Missed Mortgage Payments 

When your mortgage payment is 60 days (about 2 months) late, you’ll incur a second late fee, and this missed payment will also be reported to credit bureaus. 

Three Missed Mortgage Payments 

After three missed payments, your loan provider will send a demand letter where they will tell you to pay your outstanding mortgage payments or face foreclosure. 

Four Missed Payments 

At 120 days (about 4 months) past due, without repayment arrangements, your loan provider can initiate foreclosure and will add attorney fees to the amount outstanding. The lender’s lawyers will then start taking steps to sell your home.  

Talk to one of our mortgage experts and learn how to protect your credit and home loan by understanding how to take action. 

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How Does Missing a Mortgage Payment Affect Credit?

Missing a mortgage payment can have serious consequences on your credit score. Here are key points to keep in mind: 

  • Being more than 30 days (about 4 and a half weeks) late on your mortgage payment can significantly impact your credit score. 
  • The more payments you miss on your mortgage, the worse your credit score will get. 
  • Missed mortgage payments will still be on your credit report for up to seven years, and the longer you go with an overdue payment, the more it will negatively impact your credit history. 
  • Late payments can affect your ability to obtain credit in the future, including loans and credit cards, and can also lead to higher interest rates. 
  • It can also lead to foreclosure or power of sale, which can result in the loss of your home. 

You must communicate with your lender immediately if you have trouble keeping up with your mortgage payments. Talk to one of our experts and learn more about protecting your credit and home loan. 

How Many Mortgage Payments Can I Miss Before Foreclosure in Canada?

If you’re wondering how many mortgage payments you can miss before facing foreclosure in Canada, the short answer is none.  

Most lenders can start legal proceedings as early as 15 days (about 2 weeks) after a missed payment. Therefore, you must communicate with your lender and work out a repayment plan immediately.  

Legal fees and penalties can quickly accumulate, and once you’re more than 90 days (about 3 months) behind, most lenders will take legal action.  

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3 Months Behind on Mortgage – What Should I Do?

Short of paying the money you owe, there is little you can do. Moreover, borrowing money is extremely difficult when you are behind on your mortgage payments. Fortunately, some lenders will help homeowners consolidate mortgage arrears. specializes in helping clients who are caught up on mortgage payments. Our lenders will assist homeowners with any of these issues:
  • Behind on mortgage payments.
  • Bank won’t renew the mortgage because of poor repayment history
  • Received a Power of Sale Notice
  • Given a Foreclosure Notice
  • Been locked out by the bank.
The responsibility always falls on the borrower to make their mortgage payments or face the consequences of non-payment. Luckily, some lenders understand life’s struggles and are willing to help.

How Much Will a Late Mortgage Fee Be?

If you miss your mortgage payment after the grace period, you may have to pay a late fee. The late fee is generally regulated by jurisdiction and typically ranges between 3% to 6% of your monthly payment. 

For example, if your monthly payment is $1,000 and your late fee is 5%, you may be required to pay an extra $50 each month that you miss a payment. 

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How To Avoid Missing a Mortgage Payment

Are you concerned about possibly failing to pay your mortgage on time? There are a few simple tips that can help ensure timely payments. 

Create A Budget 

Make a monthly budget to track your income and expenses. 

Build An Emergency Fund 

Aim to save enough to cover at least three to six months of expenses. 

Avoid Overspending 

Don’t spend beyond your means, and try to reduce unnecessary expenses, such as eating out or buying expensive clothing. 

Talk To Your Lender 

If you’re struggling financially, don’t hesitate to reach out to your lender for assistance. 

Proactively managing your money will help you to stay on track with mortgage payments and continue having ownership of your home. 

Contact today.

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How To Recover from a Late Mortgage Payment?

Rebuilding your credit score after a missed mortgage payment can be difficult, but there are solutions available for you. 

Communicate With Your Lender 

You may be able to negotiate a repayment plan that works for you. 

Pay The Late Fee 

Late fees can accumulate quickly, so you must pay them immediately. 

Catch Up on Missed Payments 

Catch up on any missed payments as soon as possible. Falling too far behind can result in legal action from your lender. 

Consult With a Professional 

If you’re struggling to afford your mortgage payments, you may want to seek advice from a lawyer or mortgage broker. They can guide you on your options and help you navigate the process. 

Consider Selling Your Home 

If your financial situation is in dire straits, and you’re in danger of foreclosure, selling your home may be a good option. 

Recovering from a late mortgage payment can be a long and challenging process, but you must take action as soon as possible to avoid further financial trouble. Apply now, and we’ll make the process smooth and stress-free. 

Can You Get a New Mortgage with Late or Missed Mortgage Payments?

Failing to make a mortgage payment can hurt your credit score, ultimately reducing your chances of qualifying for future loans. This could limit your financial opportunities and make it more challenging to borrow money.  

Talk to one of our missed mortgage payments specialists today and learn how you can still qualify for a new loan. 

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Where Can You Get Help for Missed Mortgage Payments?

If you’re struggling to update mortgage payments, knowing where to turn for help can be overwhelming.  

Ask our team of expert mortgage consultants to help you determine the ideal resolution so that you can immediately return to making timely payments on your mortgage. 

Working with can give you the support and guidance to overcome your missed mortgage payments and avoid the long-term consequences of foreclosure or bankruptcy. Act now and take advantage of what we can offer. 

How Can Help Save My Home?

We understand that life can pose some challenges. With that in mind, has come up with mortgage solutions to help clients get back on track. We provide solutions such as:
  • Mortgage Refinancing: to replace existing mortgages that are behind on payment.
  • Home Equity Loans: to catch up on mortgage arrears, consolidate debt and improve cash flow.
  • Prepaid Costs Mortgage: allowing clients time to get their finances back on track.
  • Optional Interest Only Amortization Periods: To aid clients in reducing mortgage payments until they can improve their situation.
Many homeowners who are behind on mortgage payments have turned to us when nobody would lend them a hand. Our network of lenders will help you redeem your mortgage or pay out your existing mortgage in a lump sum. Book a call with us today, and we’ll show you how “We Get Mortgages Approved.”
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