Question:

What does late payment law say?

Answer:

The late payment law specifies the way late payments are regulated. If you are sending any extra amount with your monthly mortgage payment, it will be applied first to late charges and interest, then to your loan balance. If you have a prepayment penalty, any extra payments will trigger it.

Why am I charged a late payment fee?

Borrowers should allow several days for mailed payments to arrive to the lender. If mortgage payments are wired, provide for one business day for the wiring to arrive. Late payment law identifies late payments as payments after the due date. Check in your mortgage agreement for your grace period.

Borrowers forget mailing and wiring and posting their payment takes time. Consider making your monthly payment some time in advance for it to be on time.

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