Login
Lender Signup
Community Signup

World's Largest Mortgage Community
(29,964 members)

What are you looking for?

late charge

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
relydyjr Joined: 26 Sep 2008 Posts: 1 1.29 Dollars($)	Posted: Fri Sep 26, 2008 9:09 pm    Post subject: late charge Is there a maximum late charge % established by law?
smithsussane Joined: 18 Sep 2008 Posts: 1380 Location: Alaska 172.48 Dollars($)	Posted: Fri Sep 26, 2008 9:43 pm    Post subject: Hi relydyjr! Welcome to the Forums! I haven't heard of anything called "maximum late charge %". But yes, if you continuously keep on late paying or not paying your debts, your property can go into foreclosure. Feel free to ask if you have further queries. Sussane
Susanne Guest 0.10 Dollars($)	Posted: Fri Sep 26, 2008 11:37 pm    Post subject: Hi relydyjr! I do not think there is anything called late charge %.
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 1668 Location: bloomfield, ct 108.70 Dollars($)	Posted: Sat Sep 27, 2008 10:09 am    Post subject: sussane, the poor poster never mentioned foreclosure - why did you go there? as for maximum late charge, i am sure there are limitations placed on lenders depending on state law. just as there are usury laws, late charges are likely to be affected also. typically, with mortgages, you'll not see more than 5% of the monthly payment applied as a late charge (and sometimes less). _________________ George M. Akerley Senior Loan Officer Freedom Mortgage Corporation 37 Jerome Avenue Bloomfield, CT 06002 860-286-0444
lisascherzer Joined: 04 Jan 2008 Posts: 755 1.03 Dollars($)	Posted: Tue Sep 30, 2008 1:00 am    Post subject: Yes, 5% is correct. 5% of your monthly payment is typical. _________________ Lisa Scherzer Allpointe Mortgage Expert Mortgage Broker 440-521-7060 Free Mortgage Quotes Get Mortgage Information Search Real Estate Agents Here

Quick Reply
Your Name
Subject
Message body

All times are GMT - 7 Hours

Page 1 of 1