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MAX SELLER CAN CHARGE ON PRE-PAYMENT PENALITY - Posted by Cheryl Lopez
Posted by Cheryl Lopez on June 03, 2004 at 23:25:31:
What is the maximum that a seller can charge on a pre-payment penality when the commercial property is in California.
Is “12 month’s interest” too much or legally prohibited?!
On the seller financing form does cite a civil code that there are limits what a seller can charge but so far I am not able to find or locate a person with knowledge of what that limit is.
Cheryl Lopez
Re: MAX SELLER CAN CHARGE ON PRE-PAYMENT PENALITY - Posted by Thomas K. Standen
Posted by Thomas K. Standen on June 04, 2004 at 09:22:51:
The text of the section dealing with this topic is below. However; this applies only to one to four owner occupied properties. Have not found any sections in the code dealing with prepayment on commercial properties.
Suggest you contact a title company to see if they will have answer to the prepayment on commercial properties.
California Business and Profession Code
10242.6. (a) The principal and accrued interest on any loan secured by a mortgage or deed of trust on real property containing only a single-family, owner-occupied dwelling may be prepaid in whole or in part at any time but only a prepayment made within seven years of the date of execution of such mortgage or deed of trust may be subject to a prepayment charge and then solely as herein set forth. An amount not exceeding 20 percent of the unpaid balance may be prepaid in any 12-month period. A prepayment charge may be imposed on any amount prepaid in any 12-month period in excess of 20 percent of the unpaid balance which charge shall not exceed an amount equal to the payment of six months’ advance interest on the amount prepaid in excess of 20 percent of the unpaid balance.
California Civil Code
2954.9.
(a) (1) Except as otherwise provided by statute, where the original principal obligation is a loan for residential property of four units or less, the borrower under any note or evidence of indebtedness secured by a deed of trust or mortgage or any other lien on real property shall be entitled to prepay the whole or any part of the balance due, together with accrued interest, at any time.
2954.10
(2) Nothing in this subdivision shall prevent a borrower from obligating himself, by an agreement in writing, to pay a prepayment charge.
(3) This subdivision does not apply during any calendar year to a bona fide loan secured by a deed of trust or mortgage given back during such calendar year to the seller by the purchaser on account of the purchase price if the seller does not take back four or more such deeds of trust or mortgages during such calendar year. Nothing in this subdivision shall be construed to prohibit a borrower from making a prepayment by an agreement in writing with the lender.
(b) Except as otherwise provided in Section 10242.6 of the Business and Professions Code, the principal and accrued interest on any loan secured by a mortgage or deed of trust on owner-occupied residential real property containing only four units or less may be prepaid in whole or in part at any time but only a prepayment made within five years of the date of execution of such mortgage or deed of trust may be subject to a prepayment charge and then solely as herein set forth. An amount not exceeding 20 percent of the original principal amount may be prepaid in any 12-month period without penalty. A prepayment charge may be imposed on any amount prepaid in any 12-month period in excess of 20 percent of the original principal amount of the loan which charge shall not exceed an amount equal to the payment of six months’ advance interest on the amount prepaid in excess of 20 percent of the original principal amount.
(c) Notwithstanding subdivisions (a) and (b), there shall be no prepayment penalty charged to a borrower under a loan subject to this section if the residential structure securing the loan has been damaged to such an extent by a natural disaster for which a state of emergency is declared by the Governor, pursuant to Chapter 7 (commencing with Section 8550) of Division 1 of Title 2 of the Government Code, that the residential structure cannot be occupied and the prepayment is causally related thereto.
Thomas K. Standen
North American Loan Servicing
Re: MAX SELLER CAN CHARGE ON PRE-PAYMENT PENALITY - Posted by Ernie Hersey
Posted by Ernie Hersey on November 18, 2004 at 18:37:52:
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Re: MAX SELLER CAN CHARGE ON PRE-PAYMENT PENALITY - Posted by Jim Shirley
Posted by Jim Shirley on November 16, 2004 at 02:11:48:
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