Most mortgage borrowers in Canada don't miss mortgage payments. Even if times get rough, most will either use their line of credit or even borrow money from family or friends to make it through the tough times.
If you are late on your mortgage payment, but still make the payment in full within 30 days of the due date, then you shouldn't be in too much trouble. Probably just a late fee from your Lender.
If you are late by more than 30 days, there can be serious damage done to your credit and possibly collection efforts taken by the Lender.
It doesn't have to get to that...even if money is tight for a period of time.
If you feel like you can't make your mortgage payment, contact your mortgage Lender as soon as possible to discuss your options. Many Lenders offer skip-a-payment programs where you can, you guessed it, skip a payment once per year. Some Lenders will also offer an interest only payment options or a deferred payment option...just like we saw when the COVID pandemic first started.
We're only human and stuff happens sometimes. As long as you approach your Lender as soon as possible, if you run into trouble, then you should be able to work with them to minimize any damage that would be caused by missing a mortgage payment.
Should you find yourself in a similar situation and need advice on how to proceed, please don’t hesitate to reach out. I’ll be more than happy to assist in finding a solution.