Legal Question in Real Estate Law in Florida

Pre-Payment Penalty on Sold Mortgage

My original mortgage was sold. On my original paperwork, it said that a prepayment penalty may or may not be applied, and my original mortgage company did not apply one. However, when they sold my mortgage, the new mortgage company applied a three-year pre-payment penalty. The new company has told me that if I were to sell my property before the day that the penalty expires, even up until the day before, they will be able to charge me the full 3600 or so dollars - the amount of the penalty. What can I do?


Asked on 1/06/02, 7:52 pm

1 Answer from Attorneys
Randall Reder Randall O. Reder, P.A.

Re: Pre-Payment Penalty on Sold Mortgage

You can't do anything to change the terms of the

mortgage. Nor can the mortgage company. I suggest

you take the mortgage to a real estate attorney

and get his or her advice.

Read more
Answered on 1/07/02, 9:27 am


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