Prepayment Penalty Error

07-18-2005, 12:29 PM

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Join Date: Jul 2005

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Prepayment Penalty Error

What is the name of your state? Virginia

I am thinking about refinancing, and am trying to determine whether or not I will need to pay a prepayment penalty. My addendum to the note, states that a 2-year prepayment penalty may apply, but my Truth-in-Lending statement has the "will not" need to pay a prepayment penalty box checked. I asked my mortgage company for a payoff quote, and they included the prepayment penalty. I sent them a signed copy of the Truth in Lending statement as proof that no prepayment penalty should apply, but they are not willing to wave the penalty because my addendum states otherwise. Do I have any recourse since the Truth in Lending statement shows no prepayment penalty?

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