The Boston2.com Real Estate Blog

Worst Thing to Do When Missing a Mortgage Payment

Worst Thing to Do When Missing a Mortgage Payment

This game called life can sometimes lead to some challenging times where we may fall behind on our bills and make a late mortgage payment. This could be by accident or by circumstance. It’s important to understand the different stages of a late mortgage payment before talking about the worst thing that you can do if this should happen to you… Because you may just be in a grace period and not even know it!

Hey, it’s Jeff Chubb. Welcome to the channel. To learn more about real estate and your options should you be behind on your mortgage, then don’t forget to click the subscribe and like button below. And if you want to talk Real Estate friend to friend… And confidentially might I add, then find my info in the description below!

Most people think that they are late on their mortgage on the second of the month. This is incorrect. Banks give you a 15 day grace period. Essentially there is no penalty for making a payment up until the 15th of each month. And as a heads up, the bank needs to be in receipt of the payment. You can’t have put it in the mail on the 14th.

On day 16 through 30 Days is when a borrower will normally incur a late charge. This fee is usually between 4 and 5% of your monthly payment. So if your payment is $2,000 then expect a fee of $100.

30 Days late is when the lender will report your late payment to the credit bureaus. This will negatively affect your credit score and will make it more difficult to borrow money whether that be for a new car, new couch or even to refinance.

At 45 Days late, the lender is required to assign someone to your case to inform you of your options. I talk about these options in the video above and will have the video at the end of this video as well.

60 Days late is when the compounding affect really starts adding up as they will charge you for a second late fee plus...

Flagship Wharf - Charlestown: Navy Yard

Welcome to Flagship Wharf, a 10-story luxury brick condo building with 201 luxury residences, a 516- car garage and 34,000 square feet of commercial space. Flagship Wharf was built in 1989 and is considered one of Boston’s most prestigious buildings which offers its residents many different amenities such as valet parking, a state-of-the-art fitness center and lending library. And then there is it’s amazing location which we are going to talk more about momentarily.

Hey, it’s Jeff Chubb. Welcome to the channel. To learn more about real estate then don’t forget to click the subscribe and like button below. And if you are thinking about making a move in and around Boston and want to talk Real Estate friend to friend… Then find my info in the description below!

Flagship Wharf is located in the Navy Yard which is a neighborhood in Charlestown. The Charlestown Navy Yard was actually one of the original six yards that formed to support the US Navy and was one of the oldest ship building facilities for the military branch. Today the Navy Yard has been transformed to a residential community that attracts thousands of tourists while offering lavish apartments, condos and townhouses with awe inspiring waterfront views. (More about Flagship Wharf and the Navy Yard Below)

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