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patty02352 · Joined: 26 Jan 2010 Posts: 1 1.35 Dollars($)

If I miss a payment or two on my mortgage can my lender add the interest onto the principal balance and charge me interest on the larger new balance?

gunzijjistaff · Joined: 07 Apr 2009 Posts: 712 4.51 Dollars($)

Hi,

As you say you have made two late payments for your mortgage dues, You lender will charge you late fees or he will put interest on your main loan balance.

Thanks & Regards.
gunz.ijjistaff Laughing

Posted: Wed Jan 27, 2010 12:33 am Post subject:

Thanks, but can they choose whatever way they want to go or depending on the mortgate agreement, are they obligated to only charge the late fee, instead of adding the interest onto the principal?

Niicss · Posted: Wed Jan 27, 2010 1:47 am Post subject:

The lender may charge a late fee as you did not make your payments on time. Also, the lender can report the missed payments to the credit bureau which may affect your credit score in a negative way.

gmakerley · Posted: Wed Jan 27, 2010 9:06 am Post subject:

any penalties for late payment on your account are spelled out in your mortgage documents - review them once again. call your lawyer, if necessary, to go over them. that being said, you'll find that there will be no additional interest charged over what is already being earned. as noted above, late charges will certainly accrue on your account. unpaid interest will accumulate if you neglect any additional payments, of course.

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