Legal Question in Real Estate Law in Pennsylvania
Mortgage Note
I have a seller financed mortgage and want to pay off. Am I obligated to pay the remaining interest?
Asked on 3/23/09, 3:23 pm
1 Answer from Attorneys
William Harrington
Law Offices of William P. Harrington, Jr., Esq.
Re: Mortgage Note
Hello! Thank you for your question.
Whether you will be liable for the remaining interest depends on the terms of your Note, but you probably will only be liable for the remaining principle of the loan, and whatever prorated interest has accrued for the current month. Unless your Note says otherwise, you will not be liable for the interest that would have accrued over the entire life of the loan.
You will also have to consult the terms of your Note to determine if there is any kind of pre-payment penalty.
Hope this helps!
Answered on 3/23/09, 3:48 pm
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