Missing a mortgage payment can have serious consequences, including damage to your credit score and the possibility of foreclosure. Heres what typically happens if you miss a mortgage payment:

• Late fees: Most mortgage contracts include a certain window to make payments before the payment is actually considered “late.” Once you officially miss a mortgage payment, your lender will typically first send a notice that includes a charged late fee.

• Credit score impact: Your servicer will likely report the missed payment to the credit bureaus once it’s 30 days late, which can hurt your credit score. Generally, a late payment can cause more damage for people with higher credit scores.

• Foreclosure: If you miss several payments, your lender may bring the issue before a court to officially foreclose on a property. However, in some states, foreclosure can happen without a judicial process. If youre late on your mortgage payment by 120 days or more, the lender will schedule a foreclosure sale on your home and you will lose your property.

If you believe you’ll miss a mortgage payment, or already have, contact your lender or servicer as soon as possible. Your lender may offer you a forbearance or loan modification to help you through the hardship. If you’re going to be late making your payment but otherwise have good payment history, you can also ask your lender if they’ll waive the late fee. The ideal strategy is to make full and timely mortgage payments in order to avoid late fees or potentially, foreclosure.