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08-08-2007, 10:41 AM
| | Junior Member | | Join Date: Jul 2007
Posts: 7
| | | Prepayment Penalty on Mortgage
Greetings, Phoenix, AZ.
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?
Q3. Attorney General complaint only option? |
08-08-2007, 10:43 AM
| | Senior Member | | Join Date: Nov 2005 Location: South Cackalacky
Posts: 14,795
| | Quote:
Originally Posted by lopi  Greetings, Phoenix, AZ.
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?
Q3. Attorney General complaint only option? | Your prepayment penalty was listed on the truth in lending statement that you signed, on the note that you signed, and on the prepayment addendum that you signed. Or, are you saying that you didn't sign any of those forms?
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Originally Posted by arazi Quote: |
I'll take you on one-to-one in a volcabulary test anywhere, anyplace, anytime.
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08-08-2007, 10:45 AM
| | Junior Member | | Join Date: Jul 2007
Posts: 7
| | | Signed
The forms were signed. Guess I am sol?
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? |
08-08-2007, 10:46 AM
| | Senior Member | | Join Date: Jan 2005
Posts: 13,356
| | Quote:
Originally Posted by lopi Greetings, Phoenix, AZ.
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?
Q3. Attorney General complaint only option? | A1, A2 & A3.
Did you sign documents acknowledging and agreeing to the prepayment penalty? If you did...what was your question again?
EDIT:
Wow, you guys are fast 
In any case - your complaint lies squarely with the person representing you who did not read the documents fully before signing
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The information I gave is based on my 7 seconds of research on Google. Review the information yourself to make an informed decision. Also, the information I posted may no longer be accurate.
Communication is KEY - 10 mins of talking now can save you months of headaches later!
Masterfully stating the obvious to the oblivious! (Thanks SP!)
Tell it like it is! |
08-08-2007, 10:48 AM
| | Senior Member | | Join Date: Nov 2005 Location: South Cackalacky
Posts: 14,795
| | | I'm trying to understand how you were deceived, and why you would post to people letting them know that you chose to sign a stack of paper without reading or understanding it.
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Originally Posted by arazi Quote: |
I'll take you on one-to-one in a volcabulary test anywhere, anyplace, anytime.
| |
08-08-2007, 10:48 AM
| | Junior Member | | Join Date: Jul 2007
Posts: 7
| | | Reply
Yes I signed them... is my only recourse to go to BBB, and post to blogs to vent my frustration? |
08-08-2007, 10:48 AM
| | Senior Member | | Join Date: Apr 2004 Location: Bay Area, CA
Posts: 10,149
| | | [quote=lopi;1688418]The forms were signed. Guess I am sol?
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?
What are you going to post? Are you going to post that you signed paper work without reading it?
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It is our unanimous opinion that you are damn right and it should be obvious to any moron that your (ex) (SO’s ex) (boss) (landlord) (local police) should be immediately (jailed) (fired) (reprimanded) (arrested) (demoted) (shot) (evicted).
In fact, you are so astonishingly correct in this matter, it will not surprise us one bit if you are offered a generous settlement, because, by golly, that’s just how it should be.
You Rock,
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08-08-2007, 10:50 AM
| | Senior Member | | Join Date: Aug 2005 Location: St. Odo of Cluny Parish
Posts: 27,482
| | Quote:
Originally Posted by Zigner A1, A2 & A3.
Did you sign documents acknowledging and agreeing to the prepayment penalty? If you did...what was your question again?
EDIT:
Wow, you guys are fast
In any case - your complaint lies squarely with the person representing you who did not read the documents fully before signing | Not to mention the three day rescission period.
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08-08-2007, 10:51 AM
| | Senior Member | | Join Date: Apr 2004 Location: Bay Area, CA
Posts: 10,149
| | | [quote=lopi;1688424]Yes I signed them... is my only recourse to go to BBB, and post to blogs to vent my frustration?
Go out in your front lawn in your underoo's and scream with frustration that you signed loan docs without reading them.
That is your recourse.
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It is our unanimous opinion that you are damn right and it should be obvious to any moron that your (ex) (SO’s ex) (boss) (landlord) (local police) should be immediately (jailed) (fired) (reprimanded) (arrested) (demoted) (shot) (evicted).
In fact, you are so astonishingly correct in this matter, it will not surprise us one bit if you are offered a generous settlement, because, by golly, that’s just how it should be.
You Rock,
Love,
Us
|
08-08-2007, 10:52 AM
| | Junior Member | | Join Date: Jul 2007
Posts: 7
| | | Idiot
Obviously because I am an idiot for not going thru everything with a fine tooth comb... or was it that the mortgage broker was a friend? (supposedly?) Guess I learned my lesson, huh?
Since I am a web master I'll just go ahead and littler the airwaves with my 1st amendment right to publicize my own stupidty yet highlight the mortage banker and their deceptive business practices. |
08-08-2007, 10:52 AM
| | Senior Member | | Join Date: Nov 2005 Location: South Cackalacky
Posts: 14,795
| | Quote:
Originally Posted by seniorjudge Not to mention the three day rescission period. | If it was a refi. It it was a new purchase, there was no 3 day. But, still. WHY would anyone in their right mind NOT read their mortgage documents?
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Originally Posted by arazi Quote: |
I'll take you on one-to-one in a volcabulary test anywhere, anyplace, anytime.
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08-08-2007, 10:54 AM
| | Senior Member | | Join Date: Aug 2005 Location: St. Odo of Cluny Parish
Posts: 27,482
| | Quote:
Originally Posted by lopi Obviously because I am an idiot for not going thru everything with a fine tooth comb... or was it that the mortgage broker was a friend? (supposedly?) Guess I learned my lesson, huh?
Since I am a web master I'll just go ahead and littler the airwaves with my 1st amendment right to publicize my own stupidty yet highlight the mortage banker and their deceptive business practices. | You don't get it.
There were no deceptive practices.
You had the information right there in front of you.
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08-08-2007, 10:54 AM
| | Senior Member | | Join Date: Nov 2005 Location: South Cackalacky
Posts: 14,795
| | | Ma'am, with all due respect. The prepayment penalty addendum was titled "PREPAYMENT PENALTY ADDENDUM" at the TOP of the page in BIG LETTERS.
AND, the person who closed the loan was NOT the loan officer. I'm talking about the person who presented the paperwork to you for your signature.
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My new signature:
Originally Posted by arazi Quote: |
I'll take you on one-to-one in a volcabulary test anywhere, anyplace, anytime.
| |
08-08-2007, 10:55 AM
| | Senior Member | | Join Date: Apr 2004 Location: Bay Area, CA
Posts: 10,149
| | [quote=lopi;1688435]Obviously because I am an idiot for not going thru everything with a fine tooth comb... or was it that the mortgage broker was a friend? (supposedly?) Guess I learned my lesson, huh?
Since I am a web master I'll just go ahead and littler the airwaves with my 1st amendment right to publicize my own stupidty yet highlight the mortage banker and their deceptive business practices. Go for it bud, and hope you do not slander the mortgage company.
__________________
It is our unanimous opinion that you are damn right and it should be obvious to any moron that your (ex) (SO’s ex) (boss) (landlord) (local police) should be immediately (jailed) (fired) (reprimanded) (arrested) (demoted) (shot) (evicted).
In fact, you are so astonishingly correct in this matter, it will not surprise us one bit if you are offered a generous settlement, because, by golly, that’s just how it should be.
You Rock,
Love,
Us
|
08-08-2007, 10:55 AM
| | Senior Member | | Join Date: Aug 2005 Location: St. Odo of Cluny Parish
Posts: 27,482
| | Quote:
Originally Posted by moburkes If it was a refi. It it was a new purchase, there was no 3 day. But, still. WHY would anyone in their right mind NOT read their mortgage documents? | True.
I was ASSuming that it was a refi. 
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