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Paying 29 days late

MyDataMyChoice
Valued Contributor

Paying 29 days late

Good morning

If I pay a mortgage payment 29 days late it won’t be reported 30 days

If it is due Jan 1st would payment have to be made today jan 29th or can I schedule it for tomorrow jan 30? I have a tax refund to catch up on the payment


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Message 1 of 8
7 REPLIES 7
DaveInAZ
Senior Contributor

Re: Paying 29 days late

Well, I sure wouldn't push it and make the payment today if at all possible. It's much more than just having it reported as late to the CRAs, 30 days late makes you in default on your mortgage and gives them the legal right to start foreclosure if they chose to do so.

Message 2 of 8
Andypanda
Established Contributor

Re: Paying 29 days late

If it was me, I wouldn't risk it. But if you decide to do it, rember to factor in time for the bank to process the payment.

Message 3 of 8
Remedios
Moderator

Re: Paying 29 days late


@MyDataMyChoice wrote:
Good morning

If I pay a mortgage payment 29 days late it won’t be reported 30 days

If it is due Jan 1st would payment have to be made today jan 29th or can I schedule it for tomorrow jan 30? I have a tax refund to catch up on the payment

 

I am finding it really hard to believe  that you'd willingly and wilfully come this close to being late, and debate going for yet another day. 

If you don't have the money, you should be talking to the lender to see what they can do for you. 

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Message 4 of 8
Plip
Frequent Contributor

Re: Paying 29 days late

To answer your question: if the payment was due on January 1 and it is made on January 30, it is 29 days late (not 30 days late). This is undebatable.

 

That doesn't mean your account is not delinquent. It is delinquent. It just means that they aren't allowed to report the delinquency, so it won't show up on your credit reports. It doesn't mean that they can't take any other action against you if they decide. (In theory, they could foreclose on you, although it's pretty unlikely that they would.)

 

And if something goes wrong (the payment doesn't get reported until a day later), you would be left with making this argument: "I was 97% responsible for the problem (by paying 29 days later than you are required to pay) while the bank is 3% responsible for the problem (by recording 1 day late). But I'm still going to completely blame the bank." You would probably prevail eventually, but don't expect to get a lot of sympathy along the way.

Message 5 of 8
CreditInspired
Super Contributor

Re: Paying 29 days late

OP

Also keep in mind the late fee. Most mortgage cos. provide a grace period to the 15th of the month. So let’s say your mortgage payment is $2K and the late fee is 5% ($100). If you don’t pay $2,100, Lender could treat your payment as not paid in full and not apply it to the mortgage. If that happens, you most definitely will be more than 30 days late. Just my 2cents but make sure you include late fee!

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Message 6 of 8
Standby
Frequent Contributor

Re: Paying 29 days late


@MyDataMyChoice wrote:
Good morning

If I pay a mortgage payment 29 days late it won’t be reported 30 days

If it is due Jan 1st would payment have to be made today jan 29th or can I schedule it for tomorrow jan 30? I have a tax refund to catch up on the payment

I wouldn't put all my eggs in the basket of getting a timely tax refund this year myself, recent government shutdown and all.







Message 7 of 8
CreditInspired
Super Contributor

Re: Paying 29 days late

Hi OP
What was the outcome? Did refund come in time? Did you pay on the 29th or 30th? Did you include late fee? Any impact to your credit or were you able to get it paid in time?

DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 8 of 8
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