Just what is a “Freedom Mortgage Payoff”? A prepayment penalty is a fee some lenders may charge when you pay down or pay off a mortgage sooner than the terms require. What is a Payoff Statement? The Payoff Statement or monthly payment statement is only a request.
You see, the Mortgage Promissory NOTE is not what it seems or what you think. You may think that the NOTE is part of the mortgage and goes with the mortgage after the Mortgage Debt Lien Contract is recorded with your County Recorder. Your NOTE is a Security by definitions of “Security”.
AND your Mortgage NOTE Security (payable at maturity date usually 30 years) is bifurcated or split into two different contracts, the NOTE Security and the forced under duress Mortgage Debt Lien Contract and when recorded into County records converts this Mortgage Contract into a non-negotiable Security as per the famous United States Supreme Court Case of Carpenter v. Longan.
Don’t lose sight of a “Freedom Mortgage Payoff” because a Freedom Mortgage payoff is no different than any other mortgage Payoff investment Company you call Banks. Every bank and the financial institution wants to make you think that their mortgage and Mortgage payoffs are special, but every bank or lender charges you if you pay off your mortgage early.
As you can see “Freedom Mortgage Payoff” is just like any other Bank, Financial Institution, or Mortgage Lender’s Mortgage payoff as they all charge you extra fees at payoff. Think about it..
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