Posted on: 20th Oct, 2010 08:46 am
I was late paying my mortgage last month and had to set it up by phone on my payday.
It was due 9-15 and paid 10-15.
I have been advised by 4 customer service reps that it WILL be reported 1 x 30 late.
I have been assured by 3 customer service reps at the SAME institution that I will NOT be reported late.
The latter explained that if a payment is due on the 1st of the month and is paid on either the 30th or even the 31st that it is NOT considered late.
It is only considered late if it goes onto day "32" of a 31 day month (Ex October) or day "31" of a 30 day month (Ex Sept).
Can anyone add to this....or confirm or deny its veracity?
THANKS
It was due 9-15 and paid 10-15.
I have been advised by 4 customer service reps that it WILL be reported 1 x 30 late.
I have been assured by 3 customer service reps at the SAME institution that I will NOT be reported late.
The latter explained that if a payment is due on the 1st of the month and is paid on either the 30th or even the 31st that it is NOT considered late.
It is only considered late if it goes onto day "32" of a 31 day month (Ex October) or day "31" of a 30 day month (Ex Sept).
Can anyone add to this....or confirm or deny its veracity?
THANKS
Hi Meynells!
Welcome to forums!
As far as I can understand, there are chances that your payments may be reported late by the lender. All the lenders offer a grace period. If you had paid off the dues within the grace period, then you wouldn't have been reported late.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I can understand, there are chances that your payments may be reported late by the lender. All the lenders offer a grace period. If you had paid off the dues within the grace period, then you wouldn't have been reported late.
Feel free to ask if you've further queries.
Sussane