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RealEstateAnswer
RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 28366
Experience:  10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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How late does a quartely payment be before it is turned over

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How late does a quartely payment be before it is turned over to collections
JA: Where is the property located?
Customer: stuart florida
JA: Has any paperwork been filed?
Customer: no
JA: Anything else you want the lawyer to know before I connect you?
Customer: no

Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help with your question and concern

Good morning. Collections, is typically a last result. Once the payment date is missed, a notice or call is typically given to the borrower. If that is not responded to, they will often send a written 30, 60 or sometimes 90 day past due notice, advising that if the payment is not made, plus any late fees, it will be turned over to collections. I would say that the party should pay within 30 or 45 days, if they want to avoid collection efforts.

Customer: replied 1 month ago.
The amount was paid wit the late fee before the next quarter was do all that remained was $14.26 in interest

Yes, that is what would need to be paid. If the late fee and principle was paid, they likely calculated the interest once it was paid, so that needs to be paid also. Once that is done, it should not go to collections.

Customer: replied 1 month ago.
Thanks

You are welcome. Please let me know if there is anything else, as I would be happy to respond. If not, please remember to rate my help at this time at the top of this page, prior to leaving, so I can receive the proper credit, for our time together. A 5 STAR rating is greatly appreciated. Thank you.

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