Aman, a freelance graphic designer in Mississauga, missed a mortgage payment in March 2025 after a client delayed payment on a big project. He figured it was no big deal and assumed he’d catch up next month. But when April came, he still didn’t have enough to cover both months— and now the lender had added a $75 late fee and reported the delinquency to his credit bureau. By June, he was three payments behind and received a formal notice of default. Unless you act fast, one missed payment can snowball into rolling late fees, credit hits, and even legal action.