If the mortgage company receives the payment before the "late" date, it won't affect your credit if you don't do it all the time. If you do it too often, they may call you a "slow pay" instead of a "late pay" and that will affect your credit in a bad way. Your payment is late if not paid on or before the due date. Most states do not allow a mortgage company to attach a penalty if it is paid within 10, 14 or 15 days, depending on the state, but it is still late, and can be reported as such. That will affect your score.
It depends on the circumstances. Often, card companies will forgive a 'one-off' late payment. Subsequent lapses will result in a late payment fee - usually an expensive 'mistake' !
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No the penalty is not deductible on a home loan. Only the interest that is paid. The penalty is considered as a late payment not interest. good luck.The initial answer to this question is incorrect. Prepayment penalties are sometimes deductible if the payment is made out of pocket as opposed to being rolled over into the new loan. It is not ever considered to be a late payment. It is considred interest. Even if the amount is rolled over into a new loan, you may be able to pro rate the deduction over the term of the loan. The bottom line is that depending on your particular circumstances, the prepayment penalty might be deductible.PLEASE consult a tax consultant for the most up to date 2008 tax information. and also PLEASE remember that on the internet, never ever take the advice of one so-called expert. check. check and double check everything.Here is the info directly from the IRS.http://www.irs.gov/publications/p936/ar02.html#d0e770Mortgage prepayment penalty. If you pay off your home mortgage early, you may have to pay a penalty. You can deduct that penalty as home mortgage interest provided the penalty is not for a specific service performed or cost incurred in connection with your mortgage loan.
If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?
No your monthly premiums will be adjusted for the additional penalty amount for enrolling late in the plan.
For Federal income tax purposes, the IRS does not charge a late payment penalty, for the period.
In NY, landlords can charge reasonable late fees to tenants who are late on their rent if this is disclosed in the lease agreement.
Yes. Late is late.
If you are late in enrolling in Medicare Part D, you may owe a a penalty. In 2013, the penalty was $31.17 and if you owe it, it will be added to your premium.
If the mortgage company receives the payment before the "late" date, it won't affect your credit if you don't do it all the time. If you do it too often, they may call you a "slow pay" instead of a "late pay" and that will affect your credit in a bad way. Your payment is late if not paid on or before the due date. Most states do not allow a mortgage company to attach a penalty if it is paid within 10, 14 or 15 days, depending on the state, but it is still late, and can be reported as such. That will affect your score.
Not filing your income taxes will have you facing a penalty by the IRS. According to legal zoom: "Well, you end up paying a penalty on the amount you owe at 5% per month (4.5 % for not filing and 0.5% for not paying). The total penalty for failure to file and pay can eventually add up to 47.5% (22.5% late filing, 25% late payment) of the tax owed. Interest, compounded daily, is also charged on any unpaid tax from the due date of the return until the date of payment" http://www.legalzoom.com/taxes/personal-taxes/what-are-penalties
When filing a late IRS form, you will receive a letter that will tell you whether you will owe a penalty. This will depend on how late it is and the circumstances.
i am late on payment for auto insurance what can i do.
It would depend on whether the savings gained by "retiring" the loan outweighed the disadvantages posed by the pre-payment penalty. Most loans have pre-payment penalties which expire after a short period of time. On mortgage loans, the typical pre-payment penalty runs 1, 3, or 5 years.
It depends on the circumstances. Often, card companies will forgive a 'one-off' late payment. Subsequent lapses will result in a late payment fee - usually an expensive 'mistake' !
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