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The NC SAFE Act prohibits brokering of loans of $150,000 or less that contain a prepayment penalty. May a mortgage lender make such loans? No. Licensed mortgage lenders cannot make such loans.
The NC SAFE Act prohibits brokering of loans of $150,000 or less that contain a prepayment penalty. May a mortgage lender make such loans? No.
North Carolina has some of the toughest laws against unfair loans in the nation and was the first state to adopt a comprehensive law against predatory home loans.
Deeds of trust and mortgages can be satisfied with a simple instrument prepared and signed by the trustee or secured creditor and acknowledged; however, still allowing for satisfaction previously provided for in North Carolina Law, Register of Deeds no longer will have forms for satisfaction the provisions of the law ...
Payday loans are illegal in North Carolina.
By North Carolina law, deeds of trust and mortgages can be satisfied on the record with a simple instrument prepared and signed by the trustee or secured creditor with proper acknowledgment.
Deeds are filed with the county Register of Deeds office. To look at a deed you can: Go to your Register of Deeds Office and look at the document there.
For many kinds of new mortgages, the lender can't charge a prepayment penalty?a charge for paying off your mortgage early. If your lender can charge a prepayment penalty, it can only do so for the first three years of your loan and the amount of the penalty is capped. These protections come thanks to federal law.