Prepayment Penalty on Mortgage

[lopi]

Greetings,

Just found out I have a prepayment penalty on my mortage. This was never disclosed to me by the loan officer or title company. The loan officer knew I was going to refi within six months after purchase and I specifically stated these requirements. I am sure from reading the news that I am not alone in this deceptive business practice.

Q1. Are there any grounds for a lawsuit to recover the penalty from the mortgage company?
Q2. Would it be a good idea to find similar people and look into class action?

 

[seniorjudge]

You signed the documents that said there was a prepayment penalty so you have no case.

 

[lopi]

The Web?

Anything illegal in posting to blogs, news stations, websites and naming names and tactics so that this does not happen to someone else?

Also, cant the Attorney General look into this company if a complaint(s) are lodged?

 

[seniorjudge]

Q: Anything illegal in posting to blogs, news stations, websites and naming names and tactics so that this does not happen to someone else?

A: The First Amendment guarantees freedom of speech. But what are you going to say? "I didn't read the documents I signed and it is someone else's fault!"?




Q: Also, cant the Attorney General look into this company if a complaint(s) are lodged?

A: The first thing the AG will ask you is, "Did you read the documents you signed?"

 

[lopi]

Thanks!!!!!

 

[trident58]

Lopi,
I was in your same situation. My loan officer told me not to worry about the prepayment penalty because my interest rate was only 1%. Stupid him- that was a payment rate, stupid me, I believed him! I was stuck, so I paid it and moved on. I'm really sorry it happened to you, but I think a lot of mortgage professionals are not looking out for the customer's best interest. We live and learn.
Jon