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If you are the holder of a mortgage on a sold property and…

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If you are the holder...
If you are the holder of a mortgage on a sold property and the buyers payment is late and a late fee is specified in the contract, can you charge the late fee for each month late and can you charge the interest portion of each months payment for each month the payment is late. It is my current understanding that the late fee can only be assessed once and that the interest for any given month cannot be charged for each month you are late in paying.
Submitted: 8 years ago.Category: Legal
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Answered in 19 minutes by:
6/24/2010
Lawyer: Ray, Lawyer replied 8 years ago
Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 48,903
Experience: 30 years in civil, probate, real estate, elder law
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Thanks for your question.You look to the terms of the note.The late fees and interest, etc should be specified.If they are late you shoudl be able to accelerate and seek to foreclose on your interest here.Likely you can charge late fee on each month and interest on total arrears here as well.
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