Yes, the sooner the better! If you wish to keep your home, contact your mortgage servicer immediately. You may also contact a HUD-approved housing counselor (see the Additional Resources FAQ, below) and request a 3-way call that would include you, the HUD-approved housing counselor, and your mortgage servicer to discuss your hardship.
My mortgage payment is due on the 1st of the month. ( considered late, with late fee after the 15th).
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Typically, monthly payments come due on the first day of the month. The payment is technically considered late after the first of the month. However, most mortgage lenders provide borrowers with a grace period to pay the mortgage before late fees are assessed. It is considered late when the late fees are added to mortgage payment.
Paying your mortgage at the beginning of the month rather than the end of a grace period has no impact on your credit score. The purpose of a grace period is to provide you with a safety net after the due date for which the normal penalties of passing a deadline – such as a late penalty or credit score drop – is waived without consequence.
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Most people probably know that mortgage payments are due on the 1st of the month, but many loan servicers (those who collect your payments) will allow you to pay 15 days “late” each month. So even though your mortgage payments are technically due on the first each month, you can pay as late as the 15th every month without any kind of penalty.
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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.
Questions about when mortgage payments are late really have three answers. First, when you pay one day after due date, you’re late. Second, your lender or servicer considers mortgage payments late,
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