January 2010
After only 9 months at his new dream house in Aurora, Colorado, which he took much pains, time and money to set up just right, my cousin Jacob is moving again. What could possibly motivate a single father with three kids to move again so fast? You would never guess.
Most mortgages issued in the US are due on the first of each month, are amortized monthly and carry a grace period of 14 days. Payments on these mortgages could be received by the mortgagee all the way through the 15th of the month, yet they must be credited, as if they were received on the first - no late fees charged and no additional interest accrued.
