What happens if I am a few days late with my monthly mortgage payment?

Question

I have never been late with my monthly mortgage payment, unfortunately due to circumstances beyond my control I will be late this month. What will happen? Will there be a late fee charge? Will it affect my credit? And how and where do I pay it if it is late?

Answer 1

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!

Answer 2

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.

Answer 3

I don't know anything about finances in Britain, if they are similar to the US or not. But how cutting back on your monthly savings to 30-50 pounds and putting the rest towards the mortgage. The extra money going to your mortgage will help pay it off quicker but you are still putting something extra towards retirement. If you get a pay raise, you can put that money towards the mortgage too, continue to put the 30-50 pounds to retirement. It'll give you a little more of a nest eggs or emergency fund should anything untoward come up. I could pay off my mortgage now but (1) I couldn't get the annual deduction for my mortgage anymore and (2) with things being as unpredictable economically, I prefer not to have all my money sitting in a building that may fall down during the next earthquake. If at some point you want to dump more into your mortgage, you can always do that, but you can't take the money already applied towards you mortgage back out as money money unless you sell the place, and you may need some extra funds once in a while.

Answer 4

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.

Answer 5

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.

Answer 6

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.

Answer 7

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