please help what will happen with my mortgage ????

Question

my mortgage payments are automaticly withdrawn fom my account on the 1st of the month im not gonna have it in there until saturday or monday will i lose my house please if anyone knows what will happen im so scared

so it will be a few days late but it will be in there

Answer 1

You are fine! It is due on the 1st but generally not considered late until the 10th or the 15th. In fact the grace period exist for that very purpose. If something comes up you can take care of it during that 10 or 15 days and still not be considered late.

After the 10th or the 15th you may be assesed a late fee.

Late payments can not legally go on to your credit report until they are at least 30 days late.

You can not be foreclosed on until you are at least 90 days late.

You will NOT lose your house! Relax it is just a few days late.

Answer 2

If this is the first time you're late on your mortgage, no you won't lose your house. Many people are late once in a while. It may not even be reported to the credit bureau if it's just a few days.

Call the lender and let them know. You'll probably still get the late fee attached, but I'm sure they can give you some comfort in finding out they won't foreclose for a payment a few days late.

If this is the pattern, you won't have the money on the 1st, maybe they can change the payment date for you.

Answer 3

This will all be done via a computer. The computer tries at least twice before it kicks back as insufficient funds. Your bank may even just cover it since it comes in like clockwork, that is if you have banked with them for a long time.

Answer 4

it's due on the first of the month but there are no late fee until after the 15th of the month. you should be ok.

Answer 5

I think you need to miss two payments to be in trouble, but in your case, call your lender and warn them.