when is mortgage payment late

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If you pay your mortgage 1 day late, or 16 days late for that matter, it will not result in your mortgage company reporting a late payment on your credit reports. You actually have a full 30 days after your payment due date before a lender is allowed to officially report a late payment to the credit bureaus.

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If a borrower had previous mortgages, the lender does not have to independently verify the mortgage’s payment history provided the credit report includes a reference to the mortgage (or mortgages) and reflects 12 months of the most recent payment activity.

– A mortgage late is any payment that is not paid in the same month that it is due. This also has to be a FULL payment. If you fail to pay a late fee in the month it is due, this could be considered a mortgage late.In today’s tough credit market, lenders typically require 12-24 months of good payment history with no late payments.Gary N. Smith.

The good news is, you have at least 10 extra days to make your payment without incurring a penalty. My mortgage company (Freedom Mortgage) subtract their late fee ($79.00) from my monthly payment, before they credit my payment to my account. This makes my monthly payment short and I receive another late charge for the new month.

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However, per Mortgage Guidelines On Late Payments normally require timely payments in the past 12 months; Furthermore, Mortgage Guidelines On Late Payments on manual guidelines normally require timely payments in 24 months; One or two late payments is not a deal killer with lenders with no overlays

You may make your mortgage payment anytime, 24 hours a day, 7 days a week by calling our automated phone system at (855) 690-5900. customer care representatives are also available to assist you in making payments Monday through Friday 8:00am – 10:00pm and Saturday from 9:00am -.

My mortgage payment for May was due on May1 2007.The month of May has 31 days. If I pay my mortgage on May 31, 2007 does anybody know if it will be current or will it be considered thirty days late and go on my credit report as late for the month of May 2007 because I paid it on the 31st of the month not the 30th.

The rules for mortgage payments appeared in the Board's July 2008 final rule.. If the creditor allocates payments first to late fees, the consumer's payment only.