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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Late Payment Fee Posted by Jim on May 14, 2003 at 10:43 AM A note has a late payment penalty stated thusly: (A late charge of 10 percent of the amount due will be assessed for any payment received more than 15 days after its due date). Once a note is in default, and the term is accelerated, the full remaining balance becomes the payment amount due. Can the lender now calculate the amount of his late payment penalty on this full remaining balance now due for each monthly payment missed, or must he still use the montly payment amount called for in the note? Thanks for this valuable forum! Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : A note has a late payment penalty stated thusly: (A late charge of 10 percent of the amount due will be assessed for any payment received more than 15 days after its due date). Once a note is in default, and the term is accelerated, the full remaining balance becomes the payment amount due. Can the lender now calculate the amount of his late payment penalty on this full remaining balance now due for each monthly payment missed, or must he still use the montly payment amount called for in the note? Thanks for this valuable forum! Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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