Is it normal for restructured mortgages to contain a prepayment penalty?
Wells Fargo has agreed to restructure my mortgage but with a prepayment penalty and does not state the terms of the prepayment penalty.
Tags: contain, Mortgages, normal, penalty, prepayment, restructured
They have to specify the prepayment penalty. Most mortgages do not have a penalty but if yours is being refinanced, at a loss to Wells, they probably want to get at least some of the money back.
BTW, by loss, it could include reduced interest rate, principal etc.