I am hoping someone may be able to help in in such short notice, I just received a loan modification package literally yesterday and I need to return by 4.18. As I am reading thru the paperwork the only reservation I have is whether or not they can charge me a prepayment penalty? My original loan did not have it, and I don’t know if they have they can now add one. There is a deferred balance with no interest being charged that is due when I finish paying the mortgage in the new modification. But they have extended my term to 40 years. As I calculate, I may be able to pay of the entire loan much sooner than that. When I asked if there was prepayment penalty in the modification they just told me to read the paperwork.
I’m not a lawyer but I don’t see the phrase noted. I do know it can be rephrased so I’m unable to understand. Anyone out there know the answer? Thanks
Read more: I just received a loan modification package can the introduce a prepayment penalty without disclosing?
