Topic: Prepayment Penalty Law
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Answers to Common Questions
What is California state law on prepayment penalties?
California Civil Code Section 2954.9 (a) (1) Except as otherwise provided by statute, where the original principal obligation is a loan for residential property of four units or less, the borrower under any note or evidence of indebtedness ... Read More »
Source: http://wiki.answers.com/Q/What_is_California_state_law_on_prepaym...
How to Calculate Prepayment Penalties
Some lenders charge prepayment penalties on mortgage loans. If you pay off your loan or refinance it within a specified period of time, such as three to five years, you will be assessed a penalty. Lenders use prepayment penalties as a way t... Read More »
Source: http://www.ehow.com/how_6667252_calculate-prepayment-penalties.ht...
How to Weigh the Costs of Prepayment Penalties
Before you sign with a lender, read the fine print about any prepayment fees. If you aren't sure, ask your lender to highlight the penalty clauses. If it isn't written, you should request that all the prepayment penalties (or lack of any) b... Read More »
Source: http://www.ehow.com/how_5330728_weigh-costs-prepayment-penalties....
More Common Questions
Answers to Other Common Questions
Whether you are getting a loan or already have one, you will likely be charged a prepayment penalty if you have to pay off the loan during the first two to five years of the loan period. However, there is a way to avoid paying extra fees.
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Source: http://www.ehow.com/how_7229_avoid-prepayment-penalties.html
Fee paid to a lender for the privilege of paying off a loan prior to maturity. A prepayment penalty, which may decline in the years after a mortgage was originally booked, is intended to compensate the lender for loss of income in future ye...
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Source: http://www.answers.com/topic/prepayment-penalty
There are many types of laws that apply to a corporation. These include civil law, criminal law, administrative law, tax law, employment law, intellectual property law, consumer protection laws, environmental law and corporate law. In the c...
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Source: http://www.ehow.com/info_8677571_penalties-corporation-violates-l...
Consult with your state's consumer protection agency to learn about spam laws. Spam emails and scams have become a hot topic in state government. Agency websites and hotlines can help determine if you are receiving or sending spam emails. C...
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Source: http://www.ehow.com/how_2041968.html
Definition U.S. Code § 2510 et. seq. sets out the federal laws governing wiretapping. The federal laws on wiretapping apply whenever anyone records any conversation, whether it is oral, electronic or over a "wire." A wire communication is d...
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Source: http://www.ehow.com/how_6613194_federal-law-penalty-illegal-wiret...
They need to be listed in the mortgage documents explicitly.
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Source: http://answers.yahoo.com/question/index?qid=20091203075827AAFuqoy
You may pay a prepayment penalty to pay off your home mortgage early. The IRS allows you to deduct that penalty as a mortgage interest deduction on your income tax return as long as the penalty is not the result of a service connected to th...
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Source: http://www.answerbag.com/q_view/2244205
