Hello Cosmo, there is a 14 day rule in the industry that almost all lenders adhere to. If the payment is late but arrives within 14 days of the due date no record of that missed payment is recorded. However if the payment is late past 14 days there is a record kept on file which never disappears. This can be a problem if in the future you are looking to refinance with that lender and there are many lates on their file they may just decide that they are not going to take a risk. The good news is that mortgages in Canada are not reflected on your credit bureau so if there is a problem another lender will not have access to this info and your approval will be based on your credit bureau instead. One thing to remember that banks will send the file to their legal department if a payment is not made after 60-90 days. Any legal costs the bank incurs (even if you bring the mortgage up to date) will most likely be forwarded on to you. Call the bank today and make sure they know of the situation, they may be able to help with programs like skip a payment, or extending your amortization to lower your payments. If you or any reader would like more information please do not hesitate to give me a call at any time. Abraham Niyazi - Mortgage Agent - Lic# M08010640 - Centum One Financial Lic# 10758 - Cell: 416-993-4082 - Office: 1-866-RATE-708 x 115 http://www.centum.ca/abraham_niyazi/ I have access to many Banks/Lenders across Canada and 11 years experience in the industry.

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Hey, i just don't know what to do and is slowly losing grip on life, maybe posting on this site will get someone to re-direct me in the right direction or possibly help me and others that are having somewhat the same problem. i am 20 years old and going through some tough time... at first i got kicked out high school tried to go and get the credits back but i ended up dropping, a few months later my house got taken away due to some mortgage not being paid so me and my family had to move to a condo, it was good for a few months but then my mom wanted a divorce, my dad tried to kill himself but end up failing and went to the hospital, after all that our family basicly broke up, my mom left us and told no one where she is nor contact information, my dad works still to pay of some debt and i heard something about paying something for my mom, and he is living in his car, my brother is at uncles that has a part time job 6 hours a day 2 days a week, and i'm at another uncles jobless. i'm trying to looking for a job, any job but no luck its like no one is hiring and iv been waiting for more than 3 weeks now for calls but no calls, still looking, still waiting everyday. i do have a plan for the future though. now don't be all like “oh god...” but hey, its what i want. i am currently waiting for my girl friend to finish college (last year) and she's planning to move in with me (when i get a place) when she graduates, it will take 7 months when that happens. oh yeah one thing, she lives all the way in alberta while i'm in ontario hehe... but yeah our plans was that. finish school years, i fly her over and we somehow get a place to stay, she goes off finding a job she went to school for and i remain stuck (ish). i had a plan but it might be a gamble...i want to open a small business doing animation series on youtube and hope for fame i am confident i can make the series but still is stuck on living. what should i do ? help? anyone : ( ?

Lawyr