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What happens if the borrowers payment is late?

April 26, 2017borrower happens late payment

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What happens if the borrowers payment is late?

1 Answer

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10 Posted

As long as repayment ensues (the borrower becomes “current”), there is no penalty to the investor. The investor may receive an additional amount because the borrower is assessed a late fee if the payment is received more than 10 days after the due date.