look at MathMate's last reply , where he corrected my typo.
simple inteest for a loan with $500 prinical, 10% annual rate and a 2-year time period
It depends on where you are lcoetad within the states, but if you have acquired a homestead then that protects your home from creditors who might try to place a lien on your home. As for the charges, it depends on how late they are. There is normally a 10 to 15 day grace period in which you can pay your mortgage without being late, now even though you are within the month it is due, if after that 10 to 15 day grace period, they do a percentage charge. This also depends on the type of loan you have. Try to communicate with them and ask if you can do increments of pay, along with the following months mortgage note being due. $ 199 is not a lot, so before they pay a collection agency, they will more than likely be willing to work out a payment plan with you. Remind them how you always pay your mortgage on time, and that you weren't sure that you really owed those late fees. Research your mortgage statements, as well as your bank statements and see if there is a discrepancy somewhere regarding a payment to your mortgage company. Also, if you don't have a homestead do go down to you local county building and find out the process and fees to getting your homestead immediately. Good Luck and be Safe (smiles)