Many mortgage companies charge late fees when your payment is REALLY on time! I just recently found out that - EVEN IF YOU MISSED A PAYMENT - when you send the "next" payment [ (eg.) no payment for January 1, but you send a payment on January 31 and then send another payment the end of February, there is only ONE LATE FEE.
Sometimes, when people are having financial trouble, they can't get their mortgage paid before the 16th and a late fee will be applied. That's fine. No problem. HOWEVER, many mortgage companies receive the next payment and apply it to the missed payment and charge another late fee. Then, when you make another paymnent in 30 days they charge you another late fee and so on and so on. This is AGAINST CALIFORNIA LAW.
Payments received by mortgages (for single-family - up to four-plex homes) cannot have a late fees if they are received on or around the due date of an installment payment.
Cheryl
irvine, California
U.S.A.
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