Question Details

Evelyn Allen, Home Buyer in 07644

HOW MANY DAYS DOES A BANK GIVE YOU T PAY YOUR MORTGAGE BEFORE STATING IT'S ACTUALLY LATE? 5,10 OR 15 DAYS?

Asked by Evelyn Allen, 07644 Wed Jul 2, 2008

Help the community by answering this question:

Answers

3
BEST ANSWER
Usually it is 15 days however if you are going to be late I reccomend you call your lender.
Ken
0 votes Thank Flag Link Wed Jul 2, 2008
This information should be included in the contract you signed with your lender. If you cannot find information in the contract, you could call the lender. If you are starting to fall behind in your obligations, you could also meet with the lender to discuss your situation. If there has been a change in your financial circumstances that affect your ability to perform, talking to your lender and a realtor about the possiblility of a short sale early on may save your credit rating.
0 votes Thank Flag Link Wed Jul 2, 2008
Evelyn,

Typically, if you pay your mortgage before the end of the calender month (and the payment clears)...you will be assessed a late payment fee but the credit reporting agencies will not post it as a 30 day late on your credit report. Notice I said typically....

Thanks,

Tino Muratore
0 votes Thank Flag Link Wed Jul 2, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer