A mortgage is an agreement between two parties that is enforceable as written, giving rights to the holder of the mortgage, as well as to the mortgagor, who is usually the borrower.
From time to time, a borrower will default in its obligation to make timely payment to the mortgage holder. This has been so common that statutes have been enacted to govern late payment charges, and loan documents include late payment charge provisions. A borrower can always tender payment of the arrears after its default, and pay applicable late charges, as long as its payment is made before the loan is accelerated and it includes all arrears then due and owing.
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