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What is the maximum allowable charge for a late mortgage pay

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Icon Mini Profile ksumberger





Joined: 01 Apr 2008

Posts: 1

1.25 Dollars($)
Post Posted: Tue Apr 01, 2008 11:07 am    Post subject: What is the maximum allowable charge for a late mortgage pay
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I am writing up a promissory note and need to know what the maximum allowable charge is if you are late paying your mortgage.

Thanks!
Icon Mini Profile larry





Joined: 27 Jun 2007

Posts: 3322

474.67 Dollars($)
Post Posted: Tue Apr 01, 2008 11:48 pm    Post subject:
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Hi ksumberger,

Welcome to the forum.

Charges for making late payments vary from one lender to another but it may be like 5 percent of your due mortgage.

Best of luck,
Larry
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