If I, as a seller, am carrying the mortgage, do I have the right to specify the amount of penalty for late payment in the state of Georgia?

Asked by brgib, Chevy Chase, MD Mon Apr 29, 2013

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George Raymo…, Mortgage Broker Or Lender, Fort Worth, TX
Sun May 5, 2013
I would think a 5% late fee would be acceptable. Anything else might seem excessive. But again you're holding the paper you can make the rules.
0 votes
Miekeba Jones, Agent, Silver Spring, MD
Sun May 5, 2013
Hi brgib, consult your mortgage lender
0 votes
Jessica Hood…, Agent, Gambrills, MD
Tue Apr 30, 2013
This would be worth asking a local mortgage lender or attorney to make sure you are in compliance with state requirements and maximums. Outside of that, whatever terms are mutually agreed between buyer and seller would apply.
0 votes
Ramez Fahmy, , Bethesda, MD
Mon Apr 29, 2013
the stadard late payment penalty is 4 or 5% after the 15 day grace period.
0 votes
Piero Marinu…, Agent, Silver Spring, MD
Mon Apr 29, 2013
You should ask this question again on the Georgia boards to be sure, but I'm pretty sure the answer is yes. You can set any fees within the limits of applicable federal and state law.
0 votes
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