If you do have a problem that could keep you from making your payments, you need to immediately discuss your situation with your lender. You may be able to work together to keep your house and get back on the right track. Be sure that you have a clear understanding of all the responsibilities you agreed to when you signed these documents. Refer back to Chapter Five for more detailed information. You will receive a payment book from the lender to help keep track of your payments.
Some lenders send a bill each month instead.
A grace period is the length of time that the lender will allow you to be late with your monthly payment without charging a penalty. Making payments late will give you a bad payment record and could hurt your chances of getting an extension of time on a payment in case of a real emergency. As we discussed earlier, if you are worried about making payments on time, an option is to have your mortgage payment automatically taken from your checking account each month. This is not always the best option because, if the funds are not available in your account, you may have to pay a penalty. Another problem may be that you receive two benefit checks on two different days each month, usually the 1st and the 15th.