How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lucy, Esq. Your Own Question
Lucy, Esq.
Lucy, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 29823
Experience:  JA Mentor
Type Your Real Estate Law Question Here...
Lucy, Esq. is online now
A new question is answered every 9 seconds

What is the legal % amount the mortgagor can charge the

Customer Question

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
Expert:  Lucy, Esq. replied 1 year ago.


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:

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.

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

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

Related Real Estate Law Questions