Does my mortgage holder legally have to allow me a grace period for my house payment?

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Does my mortgage holder legally have to allow me a grace period for my house payment?

Asked on January 19, 2013 under Real Estate Law, Alabama

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Whether or not your lender legally is required to give you a grace period in order for you to make your monthly mortgage payment depends upon what is stated in the promissory note and/or mortgage (trust deed). As such, you need to read these two documents and the answer to your question will be within. Most likely custom and practice in the industry is that the documents will reflect a grace period for payment.

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

No, the law does not allow a grace period for mortgage payments. It is possible that your loan agreement does--and if it does, that grace period is enforceable. However, you are only entitled to one if the loan agreement itself provides for a grace period.


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