Your monthly mortgage payment is usually due at the beginning of first full month after closing and every month thereafter. In case you case closed at the beginning of the month; you will have a long hiatus before that payment comes due What happens when you miss a mortgage payment? Usually, the mortgage payment is due on the 1st of the month. You also have a grace period of 15 days in case you are not able to make a payment due to any reason.
Now, if you still get late by more than:
- 15 days: The lender may charge a late fee. The late fee will usually be a percentage of your monthly payment.
- 30 days: Lender will report the late payment to credit bureaus and you credit scored might drop my 50-100 points.
- 45 Days: The lender is required to appoint someone on your case to inform you of your options.
- 60 Days: You will be hit with a second late fee 90 Days: The Lender will call you up to inform that foreclosure proceedings might start.
- 120 Days: Lender may initiate foreclosure proceedings.