Every loan I've had has been 15 days. Our loan was sold to another company and they have not given us any information except for coupons which arrived yeaterday and they state the due date is the 1st. Normally the coupon will state the amount due after the 1st before the 16th and what the amount of the late fee is.
Thanks
2007-10-28 16:40:06 · 5 answers · asked by me2012 1 in Business & Finance ➔ Renting & Real Estate
Also want to add that I have not received an agreement of any kind from the new company that bought the loan..but the agreement with the original lender read 15 day grace...should that agreement carry over to the new lender?
2007-10-28 17:47:32 · update #1
Every company is different. Best thing is to call them or look on your agreement to make sure.
2007-10-28 16:47:38 · answer #1 · answered by PARTYLITE C 2 · 0⤊ 1⤋
Any grace period, as well as any late fee, will be spelled out in your mortgage contract. Read it.
Even if the loan was sold to a new mortgage company or the servicing was taken over by a new company, the original contract terms remain in full force and effect. They don't need to put the information on the coupons since it's already in your contract.
2007-10-28 16:49:27 · answer #2 · answered by Bostonian In MO 7 · 2⤊ 0⤋
FHA & VA loans have 15 day grace period with a late payment fee of 4% of the payment due. Conventional loans have a 15 day grace period with a 5% late fee.
2007-10-28 17:19:25 · answer #3 · answered by Anonymous · 2⤊ 0⤋
Give your new company a call and ask what the grace period is.
15 days is typical, but it is not a sure thing.
2007-10-28 17:36:16 · answer #4 · answered by godged 7 · 0⤊ 2⤋
Yes, 15 days... beyond that you're probably paying a 5% penalty and if you hit 30 days you will get a ding on your credit report. http://www.kentlands-homes.net/
2007-10-29 03:38:51 · answer #5 · answered by Anonymous · 0⤊ 0⤋