Legal Question in Real Estate Law in Florida

Re: Prepayment Penalty Disclosure

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

I never heard of any such law and I have practiced in this area for over 20 years. I do not believe it exists.

You may be confusing what is called the Three Day Right of Recission which gives a borrower who is refinancing a previous mortgage three days after the date of the closing in which to change his or her mind about the new mortgage. After the three day period, it is a valid mortgage and funded by the lender.

Scott R. Jay, Esq.