Missing a mortgage payment for a home in Boston can have several potential consequences:

1. Late fees and penalties: Most mortgage agreements include provisions for late fees and penalties if payments are not made on time. These fees can vary but are typically a percentage of the missed payment. For example, a lender may charge a late fee of 5% of the overdue amount.

2. Negative impact on credit score: When a mortgage payment is missed, it can significantly impact the borrower's credit score. Payment history is a major factor in determining creditworthiness, and a missed mortgage payment can lower the credit score by several points. A lower credit score can make it challenging to obtain future loans or credit cards and may result in higher interest rates.

3. Foreclosure: If a homeowner consistently misses mortgage payments, the lender may initiate foreclosure proceedings. Foreclosure is a legal process that allows the lender to seize the property and sell it to recover the outstanding loan balance. In Massachusetts, the foreclosure process typically takes several months and involves court proceedings.

4. Loss of home equity: When a home goes into foreclosure, the homeowner risks losing the equity they have built up in the property. Home equity is the difference between the home's market value and the outstanding mortgage balance. Losing a home through foreclosure can result in a significant financial loss for the homeowner.

5. Difficulty obtaining future loans: A foreclosure or even a history of missed mortgage payments can make it challenging to obtain future loans or mortgages. Lenders may view borrowers with a history of missed payments as higher risk, making it harder to secure financing for other properties or major purchases.

It's important to note that the specific consequences may vary depending on the terms of the mortgage agreement and the lender's policies. If you find yourself in a situation where you are unable to make a mortgage payment, it's crucial to communicate with your lender and explore options such as loan modification or forbearance to avoid the more severe consequences.

References:

1. Consumer Financial Protection Bureau: What are the consequences of missing mortgage payments?

2. Massachusetts Attorney General's Office: Foreclosure Prevention Resources