Late on mortgage?

[sixxlondon]

Would you consider my mortgage current? Payment is due on the 1st of the month but for the last few months I have been paying around the 15th. I have until the 18th before a late fee is added.

[GWBcasualty]

Yes. Most certainly.

Also, in many districts even if the mortgage is late, the expense is still accepted for the means test and the schedule J because it is a "contractually obligated expense".

Now. That doesn't protect you from eventual foreclosure as the bank can request a relief from stay.

So. If you want to keep the home you need to be current or at least be engaged in some sort of loan mod with your bank, if you want to include your mortgage expense in you means test, you don't necessarily need to be current.

[AngelinaCatHub]

Yes. Most certainly.

Also, in many districts even if the mortgage is late, the expense is still accepted for the means test and the schedule J because it is a "contractually obligated expense".

Now. That doesn't protect you from eventual foreclosure as the bank can request a relief from stay.

So. If you want to keep the home you need to be current or at least be engaged in some sort of loan mod with your bank, if you want to include your mortgage expense in you means test, you don't necessarily need to be current.

Interesting question and reply. I question the lateness though as in the contract it become "late" or delinquent after the period of grace, ten or 15 days or whatever. 'Hub

EDIT: I suppose it would depend on how the contract is written.

[GWBcasualty]

Interesting question and reply. I question the lateness though as in the contract it become "late" or delinquent after the period of grace, ten or 15 days or whatever. 'Hub

EDIT: I suppose it would depend on how the contract is written.

Paying on the last day of the grace period is not a late payment.

Paying even one day after the grace period can lead to late charges, but has not effect on bankruptcy or ability to keep the house.

In California lenders can file a NOD when you are 3 or more months behind, I am sure that varies depending on your State

[Chowder]

... but has not effect on bankruptcy...

I guess it's fair to assume, but the OP does not include a BK in the question. Seems to be simply asking if it's considered late if paid during the grace period. I posted a court ruling from CA a while back. In a nutshell, grace period was safe.