Skip to content
BOL Conferences
Learn More - Click Here!

Thread Options
#85414 - 06/04/03 08:37 PM late fees on escrow portion of CRE payment
Anonymous
Unregistered

Is it legal to include the escrow portion of a past due payment on commercial real estate loans when calculating the late charge?

Return to Top
#85415 - 09/19/03 05:02 PM Re: late fees on escrow portion of CRE payment
mo Offline
Member
mo
Joined: May 2001
Posts: 93
Wisconsin
Here it is, three months later and I have the very same question! If loan documents state that a late charge will be calculated on the payment amount, can you include the escrow portion of the payment? Is there any regulation that limits a late fee calculation to just the P&I portion?

Anxiously awaiting some guidance....Thanks in advance!

Return to Top
#85416 - 09/19/03 06:35 PM Re: late fees on escrow portion of CRE payment
PatrickG Offline
100 Club
PatrickG
Joined: Jun 2001
Posts: 165
Binghamton, NY, USA
It depends on what you wrote in your contract. State law allows you to add in the escrow amounts, but you do need to write it into your contract.

Return to Top