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

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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:

  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.

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