What Happens If You Are More Than 30 Days Late on Your Mortgage?
Homeowners who realise that repaying their mortgage is a challenge must remain proactive. Once repayment is 30 days late the situation spirals out of control quickly.
Most lenders give homeowners a grace period of 15 days. If a repayment doesn’t arrive by the end of the 15th day, the lender applies a late fee. This puts the homeowner in a precarious situation. If they send their late repayment within 30 days, they avoid becoming late on a second repayment.
A homeowner who reaches the 30-day mark will find that the lateness impacts their credit report. A note is placed on the report that remains on file for several years.
More importantly, reaching the 30-day mark becomes a cause for concern. Late fees, the interest rate charges, and the repayments pill up. If financial hardship is the reason for the lateness, this becomes a hole that’s difficult to dig out of without help.
Homeowners who reach the 90-day late mark must speak with their lender. It’s important to reach an understanding with them. This helps avoid the start of foreclosure proceedings.
Mortgage House places a focus on keeping the lines of communication open with clients. We also offer several tools such as the car loan calculator.
30 Days Late Conclusion
If a homeowner is 30 days late on their mortgage repayment, they start incurring late fees. In addition, they risk putting their credit report in jeopardy. Mortgage House helps homeowners avoid this situation. Those who take a proactive approach to their finances can avoid late repayments and charges. Contact our loan specialists today.