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When Is My Mortgage Payment Late and What Options Do I Have?

Mike Chissell, Trusted Mortgage Advisor • May 13, 2021

We understand that in life things happen. We all get a curveball thrown at us every once and a while, especially this last year.  If you, like many other Americans, are currently struggling to make your mortgage payment, you are not alone! You do have options. To make an educated decision, we need to understand the basics. This will help us to select the best option that fits your needs.

First things first, when is my mortgage payment late? Unless otherwise specified, mortgage payments are due on the 1st of the month.  However, you have a grace period that lasts up until the 15th of each month. If your payment is made between the 1st and the 15th, you are technically late, but you do not have any sort of repercussions. If you make a payment on the 16th until the end of that month, you will be assessed a 4-5% late fee by your servicer on top of your normal mortgage payment. Yet, you will not technically be late on a credit report! This is a big distinction most people are unaware of. If you are 30 or more days late on your mortgage payment, not only will you be assessed a late fee, but you will also have a mortgage late on your credit report. Mortgage late payments are a kiss of death for credit scores. Just one mortgage late payment could cost you 50, 75, even 100 points on your credit report. Therefore, making your mortgage payment in a timely manner is extremely important!

 

If you believe you are going to be late, the worst thing you can do is nothing! Contact your mortgage broker or loan servicer and talk to them about your options. The CARES act is still allowing borrowers to go into mortgage forbearance. Just remember, forbearance is not forgiveness. There are also repayment plans or loss mitigation solutions. For more information, please feel free to reach out to us at the office! 


If you would like to have an experienced mortgage team in your corner, call us at (727) 376-6900. 


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