| Has anyone checked their prepayment penalty?
On top of all the other problems with my fathers home loan. I found a prepayment penalty:
If within the first SIXTY months after the execution of this Note, I make prepayment(s) in full by way of refinance, or the total of which exceeds 20% of the original Principal amount of this Note, I agree to pay a Prepayment Penalty in an amount equal to the payment of 6 months advance 12 month period immediately preceding the date of the prepayment exceeds 20% of the original Principal amount of this Note. Interest will be calculated using the rate in effect at the time of prepayment.
Does anyone know if five years legal in California? Is this usual? Thanks for any input |