Managing A Late Mortgage Payment

There is a difference between a late mortgage payment and a past due mortgage. A late payment means that you made your mortgage payment generally more than 15 days after it was due, but before the due date of your next payment. When this happens, your mortgage company generally will fine you a set fee, but the issue is not reported to any credit bureaus.

A mortgage is considered past due if it has not been paid within the 30 days of the due date.

Once your mortgage is 60 days overdue, the lender is allowed to go to court and complain that the debt is not being paid relative to the terms agreed to in the loan paperwork. This is the first step in the foreclosure process.

At the first sign that you may become behind on your mortgage payments, it is recommended that you contact your lender, explain the situation and try to work out alternative payment terms. But, a better alternative is not to let your financial situation ever get to that point at all and start implementing a mortgage debt reduction plan.