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When is a mortgage payment late?

Good news: sold the house!

Bad news: They're stealing it and we don't close until August 10th, but hey its sold.

My question is: when is a mortgage payment considered late? ?Is that even standard across all mortgages? ?My mortgage is "due" on the 1st, but I'm wondering if I can not pay it since we closing on the 10th, and I thought I remembered that mortgages weren't technically late until the 16th.

If I do pay it, is the interest pro-rated, i.e. will I get the last 20 days of August back??

Sorry if I'm being dumb, just not sure about all this stuff ?;-)

?TIA!

?P.S. nowhere on my statement does it say anything that would help answer these questions (I did look there first!)?

Re: When is a mortgage payment late?

  • Check your statement. There should be a "date after" which will require you to pay in addition to your monthly payment.  Ours is after the 15th of each month.

    We sold our house last year and we continued to pay our mortgage until the actual closing date. We got a check a few weeks later of what we "overpaid" i.e. pro-rated interest and amount that was placed on escrow (taxes, etc.)   If you worked with an agent he/she can give you more/better info about this.  Our agent explained the whole thing to us since I was asking the same questions (and kind of freaking out) too.

    Btw, congratulations on selling your home. Good luck!

  • Ours has a 10 day grace period.
  • You're not being dumb! I work for a real estate company and I don't understand all the in's and out's. I would feel free to contact your lender. Even if it has been sold into a seconday market (very common, happens to 98% of mortgages) they should be able to help you.

    And yes, your interest should be prorated, depending on how your loan and escrow account is set up. Some peoples mortgages are set up so that their property taxes, and even home owners insurance are all rolled in to one payment. So depending on what you may owe on these other things (if they are included with your monthly payment) you may not get the amount back you're expecting. Hopefully this isn't more confusing! Good luck--and congrats on selling the house!

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  • Thanks everyone for your responses!

    Unfortunately, my agent is less than helpful. ?She did, however, totally take care of getting my basement taken care of when it flooded in June (after I moved!). ?So, I guess she earned her commission. :)

    I think I'm just going to pay on the 1st like normal. ?We are going to be somewhat upside down on the loan anyway, so probably best to not complicate things.

    More good news too. ?The buyer's agent emailed last night asking if we were willing to sell any of our furniture (which is still in Kansas City, obviously). ?I doubt they'll pay what I want for it, but it at least indicated to me that they don't plan on backing out, which I was very worried about.?

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