Legal Question in Real Estate Law in Maryland

are Prepayment Penalties Illegal in Maryland ?

are Prepayment Penalties Illegal in Maryland why im asing i had a loan with a mortage company i was forced to pay 4000 bacause i paid my loan off befor 5 years?? i have proff i kept the papers it was 3 yrs ago if its Illegal in Maryland how do i get my money back


Asked on 3/05/06, 6:26 pm

1 Answer from Attorneys
Robert Sher Wagshal and Sher

Re: are Prepayment Penalties Illegal in Maryland ?

MD law prohibits prepayment penalties on loans secured by principal residences. However, some lenders take the position that if they are federally chartered, federal law preempts state law. You might be too late, but I suggest you contact the MD Attorney General's office and get their take on it.

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Answered on 3/06/06, 11:01 am


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