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maryland law

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Icon Mini Profile bondnumber2





Joined: 04 Jan 2011

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Post Posted: Tue Jan 04, 2011 12:41 pm    Post subject: maryland law
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is it a law in Maryland that a mortgage can be paid off in two years?
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

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Location: Nevada
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Post Posted: Tue Jan 04, 2011 7:29 pm    Post subject:
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Hi bondnumber,

I haven't heard of a Maryland specific law that a mortgage can be paid off in 2 years. However, if you wish you can definitely pre-pay the loan. But you should check out whether or not there is a clause of pre-payment penalty mentioned in your mortgage docs. If yes, then you'll have to pay a penalty if you pre-pay your mortgage before a certain period of time.

Thanks
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