According to the New Jersey 2002 Home Ownership Act, charging a fee for
a Payoff quote or provide release upon prepayment is prohibited.
There is no escrow, PMI, nor prepayment penalty.
When asking for a Payoff Statement online, a "Recording Fee" of $30 is
computed as part of the final payment. Can that be legitimately fought ?
On Thu, 10 Nov 2005 23:17:05 GMT, Joe Versaggi <> wrote:
> According to the New Jersey 2002 Home Ownership Act, charging a fee for
> a Payoff quote or provide release upon prepayment is prohibited.
> There is no escrow, PMI, nor prepayment penalty.
>
> When asking for a Payoff Statement online, a "Recording Fee" of $30 is
> computed as part of the final payment. Can that be legitimately fought ?
The recording fee is not for the quote (the quote is free). It is to
record with the county that the loan has been satisfied and lien removed.
Somebody has to do that and their time is not free.