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Key an Eye on Your Mortgage Payments
In previous decades, when a borrower missed a payment on a
mortgage, the lender would often consider them one month behind
until they eventually caught up. Most lenders would impose a late
fee and other interest or penalties, tacking them onto the back
end of the loan as long as the lender stayed current with the
rest of their payments.
With the number of bankruptcy filings creeping higher each
year, and with increasing pressure on lenders to return dividends
to shareholders, mortgage companies have quietly resorted to
creative accounting practices to put pressure on slow payers.
Under new rules, a mortgage lender can ding your credit report
every month that you are behind on a payment. In addition, they
can impose penalties and late fees during the month you missed
your payment. To add insult to injury, if you neglect to catch up
with your payments the following month and you don't pay all of
your late fees, the lender can impose late fees - on your late
fees. You might miss a payment for any number of reasons. It
could be something as innocent as a check getting lost in the
mail. Or it could be a symptom of a bigger problem like a divorce
or a job loss. Either way, you receive equal treatment.
And the news gets worse. Many mortgage lenders have added
clauses to their agreements that stipulate they can initiate a
foreclosure on your home if you miss a predetermined number of
consecutive payments, or if you miss too many payments in a given
period. Therefore, you may only be a few hundred dollars behind
on your mortgage, but you could find yourself in the same
situation as someone who has not made payments on their home in
six months. For example, if your March payment arrived one day
late, you incur a $50 late fee. Because you use a coupon book to
track your loan, you might not even know you were assessed that
fee in the first place.
Although your next five payments arrived on time, your lender
could charge you a late fee in April for failing to pay your
March late fee. They could then charge you two late fees in May,
for missing your March and April fees. Before long, the late fees
snowball out of control and you have to take drastic measures to
save your home. T
herefore, experts recommend that you use secure online banking
to make mortgage payments that can be independently traced and
verified. Call your lender's automated customer service line at
least once each month to confirm that your payment has been
received, and that you are current on all outstanding
installments and past late fees. A little extra care and
recordkeeping on your part can prevent much frustration.
Kevin Adelsberg is a writer for FasteMortgage.com. For
additional articles and an extensive resource for everything
about mortgages, please visit us at http://www.FasteMortgage.com
 MORE RESOURCES updated Thu. February / 09 / 2012
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