Our mobile home loan contracts lay out the late fee assessment as follows:
If any installment owing under this Note is overdue for more than 10 days, I will pay a late charge of 5% of the overdue installment. If Collateral for this Note is real property, I agree to pay a late charge of 2% of any installment which is overdue by more than 15 days.
We have a loan that is secured by the mobile home and a mortgage on real property. Should the late fee should be 2% after 15, based on the real property collateral?
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