When Is My Mortgage Delinquent?
By Pamela Stewart, Attorney at Law on May 7, 2007 in General Bankruptcy Information
“I paid my mortgage on the last day it was due, but my mortgage company says I am delinquent. How can this be?” Many people get the due date and the grace period date confused. Typically, a mortgage payment is due on the first of the month with a grace period until the 16th of the month before a late charge is assessed.
Technically, a payment is considered late if your lender receives it after the due date specified in your mortgage. Almost all mortgages give you a grace period, usually fifteen days, to get the payment to them; if it is not received by the end of the grace period, the lender can charge you a late fee. The grace period is exactly that - a grace period. Without a grace period for the payment to be mailed, received and posted to the account, most people would incur a late fee.
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