Crucial Exams

Multistate Bar Examination Practice Question

A borrower took out a mortgage loan to purchase a property. Several years into the loan term, the borrower came into a significant amount of money and decided to pay off the loan early. The lender refused to accept the early payment, claiming that the borrower is not allowed to prepay the loan according to the terms of the agreement. Which of the following is the BEST course of action for the borrower?

  • The borrower should first review the terms of the loan agreement and verify if there is a provision that restricts prepayment.

  • The borrower should report the lender to relevant financial regulators for refusing the prepayment.

  • The borrower should rely on the principle of equity to argue that paying off the loan early is fair and should override contractual terms.

  • The borrower should file a lawsuit claiming that the lender's refusal violates public policy.

Multistate Bar Examination
Real Property
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