When Is My Mortgage Delinquent?

07 May When Is My Mortgage Delinquent?

“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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Jay S. Fleischman is a bankruptcy lawyer with offices in Los Angeles and New York. He can often be found on Google+ and Twitter, where he shares information about consumer protection issues and personal finance.
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