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When is the monthly payment considered late?

Posted on: 30th Mar, 2004 04:57 pm
Your mortgage payment is considered to be late when you fail to make the payments within the due date of a particular month. Most lenders consider the 1st or the 15th of each month as the due date for your mortgage payment. There are some banks that allow for even the 20th of the month as the payment date.

As a borrower, you will have to pay a penalty if you make monthly payments after the completion of the grace period. The grace period is the time frame following the due date, during which your late payment is not regarded as late.

Generally, the grace period includes 15 days. But it often happens that a borrower makes the payments after the grace period, that is, 30 days or more after the due date. In that case, it will be reported to the credit bureaus as a late payment. Such late payments have a negative impact on your credit report and brings down your credit score.
Was due today the 25th...made the payment at 7:57 pm just after banking hours...will the mortgage company charge for NSF fees, etc
for being 2hrs late??? Wouldn't they consider some sort of Grace Period??
Thanks
Posted on: 25th Feb, 2009 09:07 pm
Lenders generally give a grace period of 15 days. As you were just two hours late, I don't think you will have to pay any kind of late fees due to this.
Posted on: 26th Feb, 2009 09:36 pm
bobby, review your documentation from the lender. as adonis noted, most lenders give you 15 days' grace before charging a late fee. as for NSF...why are you asking that? is your check going to bounce?

technically a payment is late unless it is paid on the due date, but the idea of grace periods before adding a fee has been around for many, many years. have no fear, bobby, 2 hours is not going to cost you a penalty.
Posted on: 27th Feb, 2009 07:54 am
I live in a three bedroom two full baths double wide with an adjoining room added to it. It has vinyl siding and an a-roof enclosed by trailer vinyl underpinning on two and an half acres which includes a tin workshop resting on the end line of the property. Upon an interest in buying it I was told by the second party that it is not a double-wide, but a house. What constitues whether it is a mobile home or house?
Posted on: 07th Jun, 2011 01:40 pm
Hi Louise,

You have mentioned that the property has a "vinyl siding and an a-roof enclosed by trailer vinyl underpinning on two and an half acres...". Keeping this in mind, it seems to be a mobile home. You can contact an appraiser and he will better help you in this regard.

Take care.
Posted on: 08th Jun, 2011 01:38 am
Louise, I suggest you speak with the town/city tax assessor's office (county if that's appropriate) and ask how the property is noted on their records. If it's real estate, it'll be taxed thusly; if not, it'd be taxed, most likely, as personal property.
Posted on: 08th Jun, 2011 12:50 pm
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