Legal Question in Real Estate Law in Illinois

prepayment penalty

Is it legal?


Asked on 12/29/07, 2:47 pm

2 Answers from Attorneys
Gerald Nordgren Law Office of Gerald P. Nordgren

Re: prepayment penalty

If the contract or mortgage you signed allowed for a penalty when you prepay, then you are probably stuck with it. They are very unusual these days, but still enforcable.

Sincerely,

Gerald Nordgren

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Answered on 12/31/07, 6:20 pm
Joseph Michelotti Michelotti & Associates, Ltd.

Re: prepayment penalty

Yes, usually.

email: [email protected]

web: www.michelottilaw.com

blog: blog.michelottilaw.com

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Answered on 12/29/07, 8:45 pm


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