Question

Which is the most likely consequence of missing a single mortgage payment?

Answer 1

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:

1. Late fee: The lender may charge a late fee for the missed payment. This fee can vary depending on the terms of the mortgage.
2. 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.
3. Potential foreclosure: If you continue to miss payments, the lender may initiate foreclosure proceedings and seize your property.