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Guest
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 Posted: Fri Jul 03, 2009 5:32 am Post subject: Am I obligated to pay late fees? |
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| I fell behind in my mortgage 6 months ago and made a partial payment. The lender keeps adding a late fee each month which is more than the amount I was short. I started paying the full installment amount the following month and have been ignoring the fee. The mortgage doesn't say anything about when the late fee is due, just that one can be added. They just send letters but don't deduct them from my installment. Do I really have to pay them? If so, what can they do about it? |
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 savior70
Joined: 25 Mar 2009
Posts: 1422
Location: Florida
168.75 Dollars($)
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| Posted: Fri Jul 03, 2009 6:39 am Post subject: |
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Hi Guest,
If you are making payments past the due date, the lender will charge a late fee. If you don't pay the fees, the lender will keep adding them on the balance of the loan amount. It's better to pay off fees and start making payments on time. Apart from the late fees, your credit will also take a hit due to these late payments. |
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mad in mayfield
Guest
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| Posted: Fri Jul 03, 2009 6:55 am Post subject: Am I obligated to pay late fees? |
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| Even if the late fee is more than the amount I am behind? Also, it sounds like they add the fees to the end of the mortgage, correct? I want to know if I have to pay them now or just wait until I can refinance. Can they add interest to the late fees? Thank you. |
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