Last Paid Installment Date

The due date of the last paid installment that had been collected for the mortgage. late charge A penalty that a borrower must pay when a mortgage payment is made a stated number of days (usually a minimum of 15) after its due date. lease A written agreement between the property owner and a tenant that stipulates the conditions under which the tenant may possess the real estate for a specified period of time and rent. leasehold estate A way of holding title to a property wherein the borrower does not actually own the property but rather has a recorded long-term lease on it.