Compare Mortgage Quotes

relydyjr · Joined: 26 Sep 2008 Posts: 1 1.29 Dollars($)

Is there a maximum late charge % established by law?

smithsussane · 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

Guest

Hi relydyjr!

I do not think there is anything called late charge %.

gmakerley · 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).

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

Yes, 5% is correct. 5% of your monthly payment is typical.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1