Parity Law

[unapathetic]

What is the name of your state? Michigan

We closed on a mortgage in January of 2003. We are trying to refinance and when we got the payoff, they asked for the 5% prepayment penalty that was in the contract. Now, our state law says that a mortgage company can only ask for 1% but then I found out about the parity law where these lenders can bypass state law. Then I find out it was repealed in regard to prepayment. What I wonder is if our mortgage was done in time for the parity law repeal, or do they really get their five percent? Also, if the mortgage says it is governed by Michigan Law, doesn't it mean that the prepayment penalty is too?

 

[JETX]

Your post raises some fairly complex issues of law and will likely require review of ALL the appropriate documents. I suggest you contact a local attorney or your county bar association and ask for a low cost referral.

 

[unapathetic]

nothing is ever simple is it? ha ha.... our county has no bar association lol. It has a population of about 50000! you are too funny

 

[JETX]

nothing is ever simple is it? ha ha.... our county has no bar association lol. It has a population of about 50000! you are too funny

Not really..... funny would be for me to suggest you move to a 'real' county.
Go see an attorney..... idiot!

 

[unapathetic]

You know, that name calling was unnecessary. I was being jovial. Fact is, this county is mostly made up of National forest land and it is easy to breathe here. I suggest you try some fresh air before your brain becomes choked off and your attitude becomes anal. Oh, wait, too late.....

You really should develop a sense of humor before you have a heart attack

 

[JETX]

You need to remove your 'jovial' fingers from where you have them because I saw nothing 'jovial' in the wording of your post. In fact, I clearly took it as being an uncalled for smart ass response. How the hell are we to know you live in a tree when you posted??

 

[unapathetic]

Now that is humor "clap clap"