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Answered 2007-11-16 18:40:43

The grace period is the time your mortgage company allows before they charge a late payment fee. It has nothing to do with your due date; in other words, it is not a substitute due date. Your due date is the date you agreed to make your payment when you signed the mortgage contract, usually the first of the month, and you are late the next day. That is why your mortgage company calls you. But there is a way, in fact a few different ways, to stop the calls.

1. If you know you cannot have your payment made by your due date, call your mortgage company yourself. When you call, ask to speak to the collections department. The reason you should speak to collections instead of customer service is that the collections department can put a hold, typically up to 7 days, on the phone calls. Just tell them when you plan to make your payment, the amount you intend to pay, and the method of payment you plan to use.

2. Call the collections department and ask if you can do a post-dated check-by-phone. There is usually a charge for doing this, but it will stop the calls until the next month.

3. Set up an automatic draft from your checking account. It typically takes two bill cycles for the automatic draft to take effect, so you will need to make another payment in between the time.

4. On a new loan, the mortgage company's computer will typically call a new customer every month until a payment pattern is established. If you make your payments about the same day every month, the computer will recognize this after about 6 to 8 months, and it will stop calling, unless that payment pattern is broken. Again, if you know you're not going to make your payment on the date you usually make it, be proactive and let your mortgage company know when you plan to make the payment.

Again, the grace period has nothing to do with your due date, it's just the time they allow before they charge you a late fee.

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