The day of the month on which your mortgage payment is due, usually the first day of the month, is set out in the mortgage note. Your payment is considered late of the lender receives it after the due date, and the lender usually will charge a late payment fee when the money is not received within 15 days of the due date (the timing and amount of late charges may vary from lender to lender). Payments made, including any late charges assessed, before the next payment due date will be accepted by the lender, but if you owe two or more mortgage payments, your home is in serious jeopardy. Unless specific arrangements are made with your lender, you must remit all payments and late charges before the money will be accepted and the loan considered current.
When three or more mortgage loan payments are due and unpaid, the loan may be given to the lender's attorney and foreclosure proceedings initiated. The entire balance of the loan may be due and payable immediately. In addition to the loan payments due, you are liable for legal fees incurred by the lender. At this point, you are in serious danger of losing your home.
