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Old 12-31-2000, 10:22 PM
Linda Whiteside
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I sold a commercial building in California this past year and was dismayed to find that after holding the mortgage since 1979, I still owed a prepayment penalty of 7% of the remaining balance which amounted to over $11,000.00. My question is: Have there been changes in the law since 1979 that would disallow such penalties after a certain period of time? Thank you.
  #2  
Old 01-01-2001, 12:08 PM
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Location: Catatonic State
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Sorry, the lender can charge this penalty on both a commercial and residential loan.
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