mortage payment deadline

Anonymous · ‎08-30-2007

If my mortgage pmt is due the first of the month, and I pay it on the 31st, will it get reported as being late? What about the 30th?

Anonymous · ‎08-30-2007

As long as the payment goes through. When your payment is due on the first most mortgage companies give you a grace period. When you pay after that you get a late fee but they do not report it unless the payment is a month behind.

dobbie92 wrote:
If my mortgage pmt is due the first of the month, and I pay it on the 31st, will it get reported as being late? What about the 30th?

sl · ‎08-30-2007

Generally if you pay your mortgage past the grace period, it is considered late and they can report as 30 days past due.

Anonymous · ‎08-30-2007

I don't know about SL because I have here lately been paying on the 29th, 30th or 31st and I have never gotten a 30 day late reporting. I only got the late if I made the payment on the 1st of the next month, then I was late. If you are paying close to the end of the month, do a phone payment (check by phone) or pay it over the internet, don't take it to the local office because the payment has to be mailed to the main location where the payments are posted, from what Countrywide told me. I always pay online.

I have proof it was paid before the 30th/31st and I have a confirmation number.

ronq · ‎08-30-2007

They can legally call it late if it is one day, however most companies give a 3-5 day grace period. It really depends on how you are paying it mail, electronic, online ect. Always make sure it is there prior to the due date. My last mortgage company was notorious and later sued by reporting false lates.

EX. 780 TU 794.

Anonymous · ‎08-30-2007

NEVER NEVER BE LATE!! Keep that mantra.

I have seen people go into foreclosure for one missed payment from a shady mortgage co.

Set up your payments on automatic withdrawal from the company that has your mortgage. This way it is on them to deduct from your account and your don't have to worry about some intermediary payment program to do it.

If you can not afford to have it done by auto deduction then (and please don't think I am being rude) it signals you might not be saving enough and could get to where you can't make a payment on time due to funds. Just work your butt off for an extra 300 dollars or so, and then whatever your payment is- say 1200, or even 677- whatever, add that to the 300 dollars- so you always have enough in your account.

You will never have to worry about a payment ever again- as long as you keep an eye on it.

sl · ‎08-31-2007

Myhearts,

I have a friend who has a mortage that is due on the first. They give her a grace period until the 15th to pay. She paid over the internet on the 16th...BINGO!!!! They reported her 30 days past due. So yes, companies and can will show you late if you go past the grace period.

I am happy for you that your bank work with you on this, however, not all do.

Message Edited by sl on 08-31-2007 02:12 PM

Anonymous · ‎08-31-2007

sl wrote:
Myhearts,

I have a friend who has a mortage that is due on the first. They give her a grace period until the 15th to pay. She paid over the internet on the 16th...BINGO!!!! They reported her 30 days past due. So yes, companies and can will show you late if you go past the grace period.

I am happy for you that your bank work with you on this, however, not all do.

Message Edited by sl on 08-31-2007 02:12 PM

All of my mortgage companies have always given me until the last day of the month before they report as 30 days. I thought that was a conventional thing for all mortgage companies.

sl · ‎08-31-2007

We have never been late or used the grace period for our mortage, so I am not sure how ours works. I can only report on what my friend told me what happened with theirs. I know legally that if your payment is not in the office on the due date, it is considered late and run the risk of being charged late fees and reporting.

This is none bill you never want to be late with especially in todays housing world.

Message Edited by sl on 08-31-2007 03:23 PM

Anonymous · ‎08-31-2007

The golden rule is never 30 days late. If you went a day or two after the 15 day grace period and got flagged with a 30 day late. That is not accurate reporting and is in violation of most state and federal laws. If you have a bank statement to prove the payment was processed on the 16th or 17th the mortgage company broke the law. But watch out for the month of February. You can get nailed with a 30 day late if you pay on March 1st. Which is only technically 29 days past due. Automated computers don't see it as 29 days.. They see it as a month.

They can and I have seen it happen a mortgage company entering a notation on a person's credit report something like "excessive use of grace period". The notation doesn't affect your score, but if a future lender pulls your report and sees it.. It might create some problems.

I like the idea of an extra $300.00 as some suggested, and I understand the idea of auto payments rather than mailing or using telephone payments.. But I don't like auto pay. I had instances where I was overcharged. The companies zapped my checking account. I had to fight tooth and nail to get my money back. I still prefer sending the money manually. (either by website, mail, or billpay)

As far as the extra $300.00.. All that talk is good advice.. But when people are struggling to pay higher gas prices, higher grocery prices, higher heating or cooling prices.. That extra $300.00 no longer is there. My grocery budget jumped from $500 a month to $650 since last year.. My gas budget jumped from $300 a month to $500.00.. and my utilities went from $175 a month to $220 a month. That's not counting increases in property tax, health care.. I bet I saw increases of $500+ since last year.