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A mortgage company usually has a set date that mortgages are due, i.e. the first of the month. Anytime payment is not received by the first it is considered late. However, most MC's have a grace period of 15 days; if it's not received in this time frame a late charge is assessed. If you mail the check on the 6th and it doesn't get to the company until the 17th you will be charged a late fee. The mortgage company must receive the payment before the grace period expires.
So in essence NO they can't charge you if they receive the payment by closing time of the last day of the grace period.
They CAN charge you if you make the payment after business hours, because it is not considered received until the next day, there is no one to process your payment if the business is closed.
What else can I help you with?
Can a company charge you before shipping a product?
Yes, a company can charge you before shipping a product. This is a common practice to ensure payment is received before the product is sent out for delivery.
What is the difference between charge and mortgage?
Mortgage is a conveyanceof property, subject to a right of redemption whereas a charge only gives a right to payment out of a particular immovable property without transfering it
How can the best mortgage comparison sites be found on the internet?
The best mortgage comparison sites can be found on a site called google advisor. The site allows you to view the lender, the interest rate they charge, APR, monthly payment, fees, points and the company's contact information.
Can they consider you late during the grace period Country Wide is calling us before the grace period is up. We've never been late I mean after the grace period?
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.
If you have a second loan on your mortgage can you refinance on just the primary loan?
Normally you can. You will have to get the Lender on the Second Mortgage to "SUBORDINATE" the loan for you. They may charge a small fee to do so. Your Title company can help you.
Can a company charge you before shipping a product?
Yes, a company can charge you before shipping a product. This is a common practice to ensure payment is received before the product is sent out for delivery.
What law is broken when a mortgage company charges a late fee when the payment was received within the grace period?
None ! It's up to the customer to read every part of the contract they're signing. If the company has made it clear in the contract what will happen if your payment is late, then you have no recourse for complaint.
What is the difference between charge and mortgage?
Mortgage is a conveyanceof property, subject to a right of redemption whereas a charge only gives a right to payment out of a particular immovable property without transfering it
How can the best mortgage comparison sites be found on the internet?
The best mortgage comparison sites can be found on a site called google advisor. The site allows you to view the lender, the interest rate they charge, APR, monthly payment, fees, points and the company's contact information.
What is the meaning of charge by deed expressed by way of legal mortgage?
It means an interest or right in a property created in favour of a lender of money as security for payment of a money loaned. It's accorded the status of a mortgage.
Do Canadian mortgages provide insurance?
Some Canadian mortgages do charge a premium for mortgage default insurance. If a mortgage company includes this type of premium in the mortgage, they are obligated by law to disclose the amount to the borrower.
Does your mortgage company have to ask or notify you when they inspect your home and charge a fee even if it's only a picture of the house?
no
Can they consider you late during the grace period Country Wide is calling us before the grace period is up. We've never been late I mean after the grace period?
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.
Is your homeowners insurance still valid if you have not made a mortgage payment for 6 months?
If your mortgage account has an escrow for insurance, the mortgage company will continue to pay it even if you do not. The mortgage company loses it's collateral if the house burns down, so they need the house insured. If there is no escrow account and you did not pay your insurance, the mortgage company will put "forced placed" insurance on the house, and charge the cost of it back to the mortgagee. This is usually expensive and not very good coverage. Furthermore, forced place coverage insures only the mortgage holder's interest, rather than the home owner's interest, and provides no contents coverage. What you should also keep in mind is that if no mortgage payment has been made for that length of time, the house may have been vacated. If so, problems can arise because one of the typical conditions in a homeowners policy is that the home is occupied. The reason behind that condition is that the homeowner will be available to attend to occurrences as they arise and minimize damages.
If you have a second loan on your mortgage can you refinance on just the primary loan?
Normally you can. You will have to get the Lender on the Second Mortgage to "SUBORDINATE" the loan for you. They may charge a small fee to do so. Your Title company can help you.
What is the definition of the term 'charge off'?
The term "charge off" is used when a company or creditor clears a persons account due to lack of payment at loss to the company. No further charges can be applied to the account.
Can a credit card company charge a late fee if they don't post the payment until the next billing cycle even though they received it in time?
They can and do. There will be something in that tiny, tiny printing on your agreement that let's them get away with it. Sorry.
