Refinancing Home Mortgage
In: Mortgage Payment
22 Feb 2010If your mortgage payment is due on the first of every month, but your mortgage company does not start charging late fees until after the sixthteenth of the month. Is it right for them to call in between those dates asking why having they received your payment?
This is about mortgage information questions.
8 Responses to When is a mortgage payment considered late?
nick k
February 22nd, 2010 at 8:33 pm
In this market they are trying to get out ahead of any potential issues with peoples mortgages. You are not reported 20 days late until after the 30th or the 28 on february to teh credit bureaus.
omayao
February 22nd, 2010 at 8:39 pm
Yes, it’s still DUE on the first. It’s considered late otherwise even though they give you a break with the charges until the 16th.
graciouswolfe
February 22nd, 2010 at 8:42 pm
They have that right. As long as it does not become harassment
SlingMaster
February 22nd, 2010 at 9:24 pm
Mortgage companies will not call you before the 16th. After the 15th, there is a late fee. You will not be reported to the credit bureaus until you are 30 days late.
Gene and Allum
February 22nd, 2010 at 10:02 pm
Your payment is due on the due date. Late the next day. However, they allow a 15 grace period before they charge a late charge.
After 30 days you are reported to the credit bureaus as delinquent. After 90-120 days, foreclosure proceedings will begin. It takes approximately 30-90 days for foreclosure to complete.
Mouse
February 22nd, 2010 at 10:26 pm
After it’s due date
frankie b
February 22nd, 2010 at 11:02 pm
They can not report it to the credit companies until 30 after the due date. They can however call the day after the due date to ask where their money is.
Shawna Marie
February 22nd, 2010 at 11:54 pm
If your mortgage payment is due on the 1st, then on the 2nd it is considered late. You should make your payment on or before the due date. As far as the company being able to call you, there are regulations set forth by the Federal Trade Commission as to collection practices. To see if they are violating this, go to:
http://www.ftc.gov
If they are violating your rights, you can report them to the Federal Trade Commission. You can (I had to do this with a credit card I had through a store that I fell behind on) send a letter in writing to the company requesting a “cease and desist all telephone communications”, and they have to comply. They would only then be allowed to contact you by mail, or e-mail. I had this credit card company calling me 3 and 4 times a day for a payment that was 10 days late. I was about 19 years old at the time, but the rules have not changed. They CANNOT call you if you do not want to be called. They do have the right to contact you though. Go to that site, see what your rights are.
Hope this helps!!