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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: prepayment penalty Posted by bh1240 on February 27, 2004 at 8:12 PM In Reply to: Re: prepayment penalty posted by SeanW on February 27, 2004 at 6:24 PM : :: i bought a house in second lien trustee sale.when i requested to payoff the first loan, EMC send me an instruction which including $ 5500 prepayment penalty. Can anyone tell me if it is entitled to do so. : Perhaps Ward knows a kink to this I'm unaware of... But my reaction is: "Sure, why not??" After all, the first trust deed is public record. Any buyer at a trustee sale can look it up, read it, and know the terms by which that lender's interest is bound. Does that mean if previous owner sold the house by herself,she still had to pay prepayment penalty? What is Mr. Ward's opinion? Follow Ups: Yes, if it's within the norm... Ward-CA- 10:57 PM, 02/27/04 (2) Re: Yes, if it's within the norm... Nick(Colorado) 8:13 AM, 03/01/04 (1) Disagree Lughead 9:54 AM, 03/03/04 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : :: i bought a house in second lien trustee sale.when i requested to payoff the first loan, EMC send me an instruction which including $ 5500 prepayment penalty. Can anyone tell me if it is entitled to do so. : : Perhaps Ward knows a kink to this I'm unaware of... But my reaction is: "Sure, why not??" After all, the first trust deed is public record. Any buyer at a trustee sale can look it up, read it, and know the terms by which that lender's interest is bound. : Does that mean if previous owner sold the house by herself,she still had to pay prepayment penalty? What is Mr. Ward's opinion? Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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