Mortgage payments are supposed to be paid on the date mentioned on mortgage note. Usually these payments are made on first of each month. If the payment is made after the first of the month it will be considered as late payment.  However, most mortgage lenders offer a grace period to their borrowers so that they can pay their mortgage payment before the assessment of late mortgage fees. A mortgage will be considered as late when late fee will be added in it.

Grace period is the additional time that mortgage lenders give to borrowers so that they can pay their mortgage payment without late fee. Grace period varies from lender to lender. Usually this time period is around 10 to 15 days after the due date. If the lender allows a grace period of 15 days to its borrowers and the borrower pays the fee within this time frame then he/she will not be charged with late fee.

Also the payment method that is selected to make the payment also affects the assessment of late fee. The methods that can be used to make the payment are mentioned in mortgage note. The methods that can be used to make the payments involve postal mail, online payment, touch-tone phone and automatic payment program. If the borrower has made its payment via postal mail then lenders will assess whether a payment is late depending on when the payment is received.

Sometimes borrowers made payments on weekends. If weekends are included in your grace period or not this will depend on the requirement of your lender. Usually lenders include weekends and non-business days in race period.

You will be considered in default with your mortgage until you won’t pay the entire due mortgage payments and late fees. While you are in default you can discuss your alternative options with your lender regarding changing in mortgage agreement.

Although the payment is considered late after the expiration of the grace period, the lender will not proceed to alternative options.

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