Private Lender Fees
Can a private lender charge a $50. demand fee when I'm paying off the loan?
Any idea where I might find this info for California.? Is there a limit to how much he can charge?[ Edited by bostonsaver on Date 03/08/2004 ]
I doubt there is any legal definition for this. Is this a loan on an investment property or on a property you live in?
BTW - Did you originally borrow the money from the lender? If so, was there any disclosure at the time as to any future fees such as this?
John
To tell you the truth thats kind of funny. When you pay off any kind of loan they through a lot of little charges in there. I would like to see the hud you closed the loan on though hehehe.
I have noticed that fee on many private investor's payoff statement. You should be able to find your answer in the mortgage deed and mortgage note you signed at closing.
They should outline any fees that you will be charged when you pay off the loan.
Lori
[addsig]