Legal Question in Real Estate Law in Pennsylvania

if a person is late with morgage payment and pays late fee can a bank still not put money torward princial


Asked on 1/03/11, 8:18 am

1 Answer from Attorneys

Miriam Jacobson Retired from practice of law

Banks may permit 1 or 2 late payments when the borrower has paid the monthly installment plus late fees, but if you are consistently or repeatedly late, the bank may refuse to accept payments, you will be in default, and the bank may begin foreclosure proceedings.

This response is not legal advice, since I do not have all of the information that would be required, and I do not have a representation agreement with you.

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Answered on 1/08/11, 8:45 am


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