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real estate mortgage prepayment penalty laws

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M

mcalhoun

Guest
We live in Arkansas. My husbands brother took out a loan and mortgage with a company in Tennessee that mortgaged our farmland and his. At the time when this was done our land was in his name under a constructive trust and the mortgage company was aware of this but still did not have us sign any of the papers for the mortgage or loan. We have been responsible for paying 35.2% of the payments when due and the company has accepted the payments from us and also acknowledged that this is the portion of the loan that we are responsible for but they will not deal directly with us when we ask them questions about letting us pay off our portion of the loan and release our land. My husbands brother finally deeded the land back to us last year, subject to this mortgage, but we still can't get the mortgage/loan company to deal directly with us. This has really caused alot of family problems and grief for us. We need to know what are legal rights are pertaining to getting our land released from this mortgage as to having to pay any prepayment penalties since we didn't sign any of the papers pertaining to this when the loan was made. My husbands brother and wife signed a waiver as to their rights under Arkansas law but we didn't.
 
Last edited:


HomeGuru

Senior Member
It does not matter if you own the property or not because the mortgage company only deals with the indivduals on the mortgage.
I suggest hiring an attorney to help you.
 

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