What happens if I am a few days late with my monthly mortgage payment?
Answer:
Generally there is a grace period of a few days before late charges are imposed. In my case I have 10 days. It varies from lender to lender and each state has laws governing how large late charges can be. It is normally stated on your statement, or definitely on the original note if you can dig it up.
Don't get in the habit of paying late and pushing the limit or it will come back to bite you!
It is best to ask the mortgage holder. They vary in the penelty. Mine has a short grace period. At any rate, let them know you will be late and how late.
Your Note specifies how late you can be without a Late Penalty, and how much it will be.
If you have a coupon book or a statement, that will have it, too.
What is usual is if they get the payment after the 15th (assuming due on the first) they want 5% of the payment as a penalty. I have seen it as early as the tenth, and sometimes it's a flat amount.
Usually they don't report it until it is thirty days late. Once won't hurt too badly.
You can include it in the same check.
You may have received a letter from your mortgage company.
They will add monthly payments due, so that your future payment will be double or triple what is owed per month, and an additional late fee will apply.
You need to get into discussion with your mortgage company, explain your situation and what you can do about it.
They may offer some helpful advice.
The longer you wait, the worse it gets, and then your credit is affected, and you don't want that.
Usually there is a reasonable way out. You need help trying to find that way out.
Maintaining good credit is very important in these hard/high times of finance.
I hope I helped some.
I am in the mortgage industry so I can answer this question for you. If you make your mortgage payment 10 days after your due date (depending on the lender), you will have to make an additional late charges to your payment. As long as you make your mortgage payment the same month, your mortgage rating won't be affected.
As far as the amount of late charges, it should be reflected on your monthly mortgage statement. If not, call your lender directly and they will be more than happy to help you with it.
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