Mortgage payments are considered late if the lender gets the payment after the due date set in the mortgage documents. Usually the lender gives the borrower a fourteen-day grace period; however, on the fifteenth day, the lender assesses a late payment fee. Nowadays, lenders will begin calling the borrower after twenty or more days without a payment.
If the borrower misses two mortgage payments, the lender may require that the borrower pay both payments plus all late charges in full or the lender begins foreclosure proceedings.
If the borrower misses three mortgage payments, the loan will probably be given to the lender’s legal department for the beginning of foreclosure proceedings. At that point the borrower may be required to pay a very large portion, or all, of the mortgage loan plus late fees and attorneys’ fees to be considered current again. If the borrower still does not pay, he or she will lose the house in foreclosure proceedings.
This is the common sequence of events. Your lender may be different.