Legal Question in Banking Law in New York
Legal or not in NY
Lock-out Period - REMIC regulations stipulate a minimum two year period, commencing on the date a loan is securitized, during which the loan cannot be defeased. However, some defeasance provisions in loan documents state a longer period, the "lock-out period", during which the loan is locked-out from defeasance. Can a commercial loan have a lock out period for 5 years from the date of the loan origination in NY. How can I sell or pay of the loan in less than 5 years. * Note I'm also willing to pay the 5% per-payment now, I'm 50 months in and was informed I must wait 10 more months before i can pre-pay the loan. Is this legal in NY ?
Asked on 8/12/10, 11:18 am
1 Answer from Attorneys
Related Questions & Answers
-
Assume the following facts: Husband operates a ponzi scheme through his legitimate... Asked 5/17/10, 12:54 pm in United States New York Banking Law
-
Had a business partner. He Quit. We both went to our bank with a letter saying he... Asked 3/19/10, 10:46 am in United States New York Banking Law
-
If a home is going into foreclose what happens to a co-signer,do they have to pay... Asked 1/31/10, 9:34 am in United States New York Banking Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
