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Irwin Law
Irwin Law, Lawyer
Category: Real Estate Law
Satisfied Customers: 7157
Experience:  Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.
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In Pennsylvania when a lender forecloses on a commercial mortgage

Customer Question

In Pennsylvania when a lender forecloses on a commercial mortgage and the borrower wants to pay off mortgage prior to Sheriff's sale, is it legal to charge a pre-payment penalty if the original mortgage calls for it?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Irwin Law replied 1 year ago.
Generally, a prepayment penalty does not apply when the lender accelerates the loan in order to foreclose. I can't say if there is specific PA law on the subject or not. You need a PA lawyer['s opinion for that.
Expert:  Irwin Law replied 1 year ago.
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