Assesing a late fee on Mortgage payment and I am not 30 days

usnr96 · Joined: 14 Apr 2008 Posts: 1 1.31 Dollars($)

Can a lende assess a late fee on mortgage payments in Texas? We had a loan with Ameriquest and they stated that they could not charge a late fee on a Home Equity loan in Texas. I now have a Home Equity with Carrington Mortgage and they are charging me approximately $35.00 a month in late fees. Can someone please get me an answer on this?

larry · Joined: 27 Jun 2007 Posts: 2598 349.41 Dollars($)

Hi usnr,

Welcome to the forum.

I think the lender can charge you late fees if you fail to make the payments on time. BTW is it that the mortgage company is charging you late fees every month? How many months have you made late payments?

Best of luck,
Larry

John1 · Posted: Tue Apr 15, 2008 7:24 am Post subject:

They can charge a late fee if they don't receive your payment within the grace period (typically 15 days) of the due date. What you may be thinking is you can not have a prepayment penalty on a 2nd lien in Texas.

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