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    HomeAnswersWhat happens if I miss a mortgage payment in Canada?
    Mortgages

    What happens if I miss a mortgage payment in Canada?

    Quick answer

    What happens if I miss a mortgage payment in Canada?

    A single missed payment usually brings an NSF fee and a late notice. Once a payment is 30+ days late it can be reported to the credit bureaus, and repeated missed payments can lead to default proceedings.
    • Call your lender before the payment is due. Most lenders offer options: skipping or deferring a payment, extending amortization, or temporarily switching to interest-only.
    • Credit impact: a 30-day late payment can drop a good score substantially and stays on your report for about six years.
    • Default: lenders generally only begin power of sale or foreclosure after several months of missed payments, and the process varies by province.

    If you're struggling, a non-profit credit counsellor can help you plan before it reaches that point.

    Related Questions

    What happens if I miss a mortgage payment in Canada?

    A single missed payment usually brings an NSF fee and a late notice. Once a payment is 30+ days late it can be reported to the credit bureaus, and repeated missed payments can lead to default proceedings.

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    • How much mortgage can I afford in Canada?
    • Is a fixed or variable mortgage better in Canada right now?
    • How do I negotiate a better mortgage renewal rate?
    • What closing costs should I budget when buying a home in Canada?

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