Maximum Prepayment Penalty for Non-Consumer Mortgage

[AthasGC]

Jurisdiction

New York

What is the maximum prepayment penalty allowable under NY law for a business purpose mortgage loan secured by residential real estate? The although secured by residential real property, the proceeds are not used for personal, household or family purpose and therefore not consumer in nature.

 

[army judge]

What is the maximum prepayment penalty allowable under NY law for a business purpose mortgage loan secured by residential real estate? The although secured by residential real property, the proceeds are not used for personal, household or family purpose and therefore not consumer in nature.

I suggest you discuss this matter with your attorney.

Free advice can only cause you trouble if you act on it.

 

[adjusterjack]

What is the maximum prepayment penalty allowable under NY law for a business purpose mortgage loan secured by residential real estate?

What is the prepayment penalty provision of YOUR mortgage loan contract. Quote it word for word because that's what's going to count.