prepayment penalty?

[formerlsa]

What is the name of your state? MA Hello, just a question. I refinanced the other day. I know I had a prepayment penalty. when the bank sent the payoff amount, they didn't include it. Now I have a bit of extra money.(not really, I would like to pay off my timeshare, that would be great) The lawyer that came to my home said there was a new law and that in Ma they did away with these. But, I took my last refi in Oct 03, mainly to pay my X some equity. So, am I going to get a bill in the next few months? When will I know that the money is mine? When I get the discharge of mortgage? AND, if so, how long does this usually take? I tried to find the MA law on the net to no avail....Thanks in advance, I could really use this money since I was short in the cash back to borrower, and my mortgage went up again of course

 

[JETX]

So, am I going to get a bill in the next few months? When will I know that the money is mine?

Without reviewing ALL the documents, there is no way that any of us can answer that.... with any factual assurance. The BEST thing you can do is to contact the mortgage company and ask them. Then, ask them to confirm their answer in WRITING.