Posted on: 26th Sep, 2008 09:09 pm
Is there a maximum late charge % established by law?
Hi relydyjr!
Welcome to the Forums!
I haven't heard of anything called "maximum late charge %". But yes, if you continuously keep on late paying or not paying your debts, your property can go into foreclosure.
Feel free to ask if you have further queries.
Sussane
Welcome to the Forums!
I haven't heard of anything called "maximum late charge %". But yes, if you continuously keep on late paying or not paying your debts, your property can go into foreclosure.
Feel free to ask if you have further queries.
Sussane
Hi relydyjr!
I do not think there is anything called late charge %.
I do not think there is anything called late charge %.
sussane, the poor poster never mentioned foreclosure - why did you go there?
as for maximum late charge, i am sure there are limitations placed on lenders depending on state law. just as there are usury laws, late charges are likely to be affected also. typically, with mortgages, you'll not see more than 5% of the monthly payment applied as a late charge (and sometimes less).
as for maximum late charge, i am sure there are limitations placed on lenders depending on state law. just as there are usury laws, late charges are likely to be affected also. typically, with mortgages, you'll not see more than 5% of the monthly payment applied as a late charge (and sometimes less).
Yes, 5% is correct. 5% of your monthly payment is typical.