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Old 01-13-2009, 04:31 PM
 
Location: Ocean County, NJ
228 posts, read 1,205,217 times
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Are prepayment penalties still illegal in NJ I've been doing some reading and finding that at one time NJ banned them, but then the Feds allowed interstate lenders to sidestep the laws.

Can anyone shed some light on the issue for me?

Last edited by forcedfx; 01-13-2009 at 04:57 PM..
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Old 01-13-2009, 05:32 PM
 
Location: Vermont
5,439 posts, read 16,863,723 times
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I dont really know, but I think it would say right on the federal truth in lending disclosure.
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Old 01-14-2009, 08:31 AM
 
821 posts, read 2,038,549 times
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I dont think it legal when speaking to my lender back in May 08 - I had asked the question and I was told that New Jersey does not do prepayment penalities... and for out of state companies - dont they have to conform to Jersey law.
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Old 01-14-2009, 08:45 AM
 
1,977 posts, read 7,756,664 times
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I did my mortgage with an out of state lender in 06 and I have no prepayment penalties
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Old 01-14-2009, 09:44 AM
 
1,463 posts, read 4,692,119 times
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best thing to do is call your lending company and ask. I would think in this economy, they would not have a problem if someone actually wanted to pay early.
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