Final answer:
Missing a single mortgage payment can result in a late fee, a negative impact on credit score, and potential foreclosure.
Step-by-step explanation:
Missing a single mortgage payment can have several consequences:
- Late fee: The lender may charge a late fee for the missed payment. This fee can vary depending on the terms of the mortgage.
- Negative impact on credit score: Late payments can significantly lower your credit score, making it harder to get approved for future loans or credit cards.
- Potential foreclosure: If you continue to miss payments, the lender may initiate foreclosure proceedings and seize your property.