 TITLE: How Long Does a Late Mortgage Payment Affect Your Credit? CONTENT: Do Mortgage Payments Have a Grace Period?\n-----------------------------------------\nGrace periods on mortgages vary from lender to lender, but normally last about 15 days from your due date. So, let's say your mortgage payment is due on the first day of each month. If you've got a 15-day grace period, you'd be given until the 16th of the month (or the first business day after that) to make your payment without being penalized.\nNow, if you end up paying after the grace period ends, you could be hit with a late fee of 3% to 6% of your monthly payment. So, if the fee for making a late payment is 5% and your monthly mortgage payment is $1,500, you'd be zapped for an extra $75.\nThe consequences can be much more dire if you continue to miss payments.\nIf you've gone three consecutive months without making a payment, the lender might list you as being in danger of foreclosure and notify you that it plans to move ahead with foreclosure in another 30 days.\nAfter 120 days (four months) of missed payments, the lender may initiate the foreclosure. If foreclosure comes to pass, the lender will take possession of the home and you'll be forced to move out. Additionally, the foreclosure will be reflected in your credit history, which can further drag your scores down and make it much harder to be approved for another mortgage in the near future. END