Is a mortgage payoff statement required to list any prepayment penalty?

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Is a mortgage payoff statement required to list any prepayment penalty?

Asked on September 6, 2012 under Real Estate Law, Utah

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Under the laws of all states in this country if there is an escrow for the sale of a piece of property in this country a HUD 1 is required setting forth all necessary amounts needed to pay off a given mortgage (trust deed) to be signed by the seller of the property or if the property is being refinanced.

Such HUD 1 must set forth all pre-payment penalties that may apply to the mortgage.


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