How current is current

[rooster0330]

I am just wondering we are finally filing chap 7, in the next few weeks, on our car and mortgages we are with in the 30 days, example mortgage is due the 2nd of the month we pay it by the 30th of the month, so not 30 days late. Is that considered current or are they looking for it to be paid on the due date! Thanks!

[daylate]

if there is a grace period. it probably isn't 30 days. I'd say you are considered late.

[IamIrene]

I was worried about this too. The grace period is such a gray area, can mean different things in different situations.

Sorry I don't have a solid answer but I can tell you that with my mortgage company, payment after the due date is considered "late" no matter that the grace period is 16 days. Because of that, I arranged our cash flow so that our mortgage is paid three weeks before it is due so it never looks like it is "late" in spite of us filing chp7.

[DebtHater]

Any accounts that I've had grace periods is the amount of time before late fees are applied. Ten days seems like the norm. I will add, just because there is a ten day grace period doesn't mean you are not considered late within the first ten days. Even after one day you can be considered late.

[daylate]

Good points. I remember many years ago I used to consistently pay 14 days late but within the grace period-I thought I was ok but was amazed to find out I had a lot of lates reported.

[rooster0330]

I will ask my attorney, I always pay in the month and the mortgage company and the checking my credit report there are no lates, I was told by the mortgage company once you hit 30 days you are considered late, then it hits your credit report. I will check with him, I am just trying to get all my ducks in a row before we file. If that is the case I will have to wait a little longer to file! Thanks!!!!