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What is the legal % amount the mortgagor can charge the

Customer Question
mortgagee on late fees in...
what is the legal % amount the mortgagor can charge the mortgagee on late fees in a given month
Submitted: 1 year ago.Category: Real Estate Law
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Answered in 33 minutes by:
2/25/2016
Real Estate Lawyer: Lucy, Esq., Lawyer replied 1 year ago
Lucy, Esq.
Lucy, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 31,008
Experience: JA Mentor
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Hi,

I'm Lucy, and I'd be happy to answer your questions today.

New Jersey law allows a mortgagor to charge up to 5% of the past due payment as a late fee. When a mortgagor charges more than that, the NJ Homeowner's Security Act of 2002 provides that the homeowner may sue for the excess amount charges, punitive damages, plus attorney's fees. Here is a summary of the act:

http://www.nj.gov/dobi/division_consumers/finance/hoa03summary.htm

If you have any questions or concerns about my response, please reply WITHOUT RATING. It's important that you are 100% satisfied with my courtesy and professionalism. Otherwise, please rate my service positively so I am paid for the time I spend answering questions. If you are on a mobile device, you may need to scroll to the right. There is no charge for follow-up questions. Thank you.

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Customer reply replied 1 year ago
is it the past due amount or the principe and interest?
Real Estate Lawyer: Lucy, Esq., Lawyer replied 1 year ago

The late fee is a percentage of the past due amount, not the total owed on the mortgage.

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Lucy, Esq.
Lucy, Esq.
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