Prepayment penalty

Question

Sep 15, 2007, 05:19 AM

bkmallo

New Member

Join Date: Sep 2007

Posts: 1

Prepayment penalty

I live in New Jersey. When I applied for a mortgage I was told about early payoff penalties. When I resisted I was told by the mortgage consultant that the state of New Jersey prohibited penalties for early payoff and I didn"t need to worry. Upon closing I was asked to sign a form explaining the penalty. Can anyone tell me if it is true that New Jersey prohibits such behavior. I have 3 days to cancel the deal.

Answers

Sep 15, 2007, 05:25 AM	#2

ScottGem Computer Expert Join Date: Jan 2003 Location: LI, NY - USA Posts: 22,942 Pay to call ScottGem for advice ($.75/min)	I google "prepayment penalties NJ" and came up with this article: New Jersey Real Estate Report » Welcome back prepayment penalties

Answer this Question Ask about Real Estate Law

« Previous Question | Next Question »

Question Tools	Search this Question
Show Printable Version Email this Page	Search this Question: Advanced Search
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

Similar Sponsors

Similar Questions
Question	Asker	Topic	Answers	Last Post
401K Penalty 10%	Jbert	Taxes	5	Oct 12, 2006 04:57 AM
401k penalty	philie32	Finance	2	Aug 31, 2006 05:55 AM
Redemption Penalty	cheekyjonesy	Mortgages	2	Jul 7, 2006 08:03 AM
penalty	lmm222	Taxes	5	Apr 4, 2006 07:15 PM
penalty	karen85	Taxes	1	Dec 31, 2005 08:38 AM



At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to: Get free answers from experts in any of our 300+ topics. Accept money for answers that you provide. Communicate privately with other members (PM). See fewer ads. Sign Up!