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Foxtons accused of bullying homehunters over finances

attitude "flipped" after a buyer rejected his suggestion that she take advice from mortgage brokers Alexander Hall. She said: "As ...

If Hurricane Florence hits your home, how could it affect your mortgage?

Get in touch with the following entities:

The Federal Emergency Management Agency. You can register with FEMA online , in person at a disaster recovery center or by calling 800-621-3362. Your homeowner's insurance company, plus your flood or earthquake insurance company, if either applies to your situation. Your mortgage servicer. That’s the company that you send your monthly payments to; it might not be your original mortgage lender.

I can’t pay my mortgage. What are my options?

If the disaster makes it impossible to make your monthly house payments, ask your servicer for mortgage forbearance. A forbearance “allows you to stop making your payments for an agreed-upon time,” says Lisa Tibbitts, director of public relations for Freddie Mac.

In a forbearance agreement, you might make partial payments or stop making payments for a specific time. Generally, a forbearance lasts up to six months and can be extended up to another six months. Interest still accrues during the time you aren’t making full monthly payments. But under a forbearance agreement, the lender won’t charge late fees or report you to credit bureaus.

What happens when you miss a mortgage payment

That’s because most mortgages have a grace period – or a set amount of time after the due date in which your payment can be made without incurring a penalty. For most mortgages, that grace period is 15 calendar days. So if your mortgage payment is due on the first of the month, you have until the 16th to make the payment. After that, your servicer may charge you a late fee.

When you’re 15 days late

Your grace period typically ends after 15 days. At this point, your lender my assess a late fee. The fee can be charged each month that you miss a payment.

And that late fee isn’t just a slap on the wrist — Adam Smith, President of the Colorado Real Estate Finance Group in Englewood, Col. said late fees typically run around 4 to 5 percent of the overdue amount.

Section 6, Borrower’s Failure to Pay as Required, of Form 3200 shows your grace period and the late fee that applies. For instance, it might say:

“If the Note Holder has not received the full amount of any monthly payment by the end of FIFTEEN calendar days after the date it is due, the amount of the charge will be 5.0000% of my overdue payment of principal and interest.”

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