Missed or late payments always create serious problems, thus it is advisable to make all mortgage payments on time. It is best to contact a loan modification lawyer in such a situation for help. Bankers and lenders always check your payment history before giving you a loan. If you have a good credit history, you will be considered as a reliable borrower.
Problems that arise when you miss mortgage payments
If you are missing mortgage payments, you will be charged a late fee of $25 -$35 which will be featured in the statement for next billing and if your late payment keeps continuing there will be more late fees. The lender may increase the interest rate, thus resetting it for a penalty.
This will increase the interest on the outstanding balance. If you make any purchases after the penalty date, you will be charged at a higher rate depending on the terms of the credit card. The first step in this situation is to contact a loan modification attorney to help you take the right steps.
How to settle the problem of late payment?
Settling the problem of late payment is not easy. The issuers will not inform the credit bureau before 30 days about the late payment, thus you can try and pay the amount before the 30-day mark. You will be lucky if the late payment is not mentioned in the report. If the late payment was an accident you can speak to the issuer to inform him about it and see if he is willing to return your late fee.
Everything depends on the discretion of the lender whether or not he will return your late fees. If you do not succeed the first time, you can try again if you have always been regular in making your payments.
If you have missed a payment, contact the issuer immediately to make the payment and see if he will waive the late fee.