past due mortgage payments

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.

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Sometimes a homeowner gets the money necessary to pay part or all of his past-due payments after foreclosure proceedings have begun. When that happens, there are instances when the lender will accept the payment, but it’s all about timing. After a certain date, the borrower will need to pay fees.

Most people probably know that mortgage payments are due on the 1st of the month, but many loan servicers (those who collect your payments) will allow you to pay 15 days "late" each month. So even though your mortgage payments are technically due on the first each month, you can pay as late as the 15th every month without any kind of penalty.

If you have fallen behind on your payments, consider discussing the following foreclosure prevention options with your loan servicer: Reinstatement: You pay the loan servicer the entire past-due amount, plus any late fees or penalties, by a date you both agree to. This option may be appropriate if your problem paying your mortgage is temporary.

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A Past Due Letter is one which is written to inform a debtor that their loan payment is past its due date. If a loan provided by the creditor is due for payment on 10th and is not paid by that day, it is past due from 11th going forward.

In fact, falling behind on a mortgage payment. payment in and of itself doesn’t count any differently because it’s a mortgage," explains Barry Paperno, credit expert at SpeakingOfCredit.com,

If you have fallen behind on your payments or think you may in the near future, you have the following foreclosure prevention options to discuss with your loan servicer. Reinstatement: You pay the lender the entire past-due amount, as well as any overdue mortgage type expenses or late fees, by an agreed upon date. The amount due can add up quickly.

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Your first mortgage payment is due one full month after the last day of the month in which your closing day is in.