123Notary
Enter Zip, City, or County... i.e. orange,NY or 90019
Search Method:    regular time edocs
Mobile Notary / Signing Agent Discussion ForumDear Signing Agents,
You need to REGISTER and have a password to post or reply to discussion topics. Please remember, your password for your listing on 123notary.com is NOT RELATED to and is different from your password on the forum. Your password on the forum can be whatever you want it to be.
Lookup a specific signing company, word, or phrase
Mobile Notary / Signing Agent Discussion Forum
Register | String Format | Index Format | Active Topics | Hot Topics | Preview Topics | Advanced Search | Members | Profile | Tutorial | FAQ
Username:
 Password:
Save Password
Forgot your Password?

 All Forums
 The 123notary.com Forum for Signing Agents
 Legal Issues
 np pre-payment penalty but theres a 'recapture'		  New Topic  Reply to Topic
 Printer Friendly
1 -1  Be the first person to vote!
Author Previous Topic Topic Next Topic  

LindaH

Florida
1754 Posts
Posted - 01/14/2011 :  2:23:08 PM  Show Profile  Reply with Quote
I suppose you could look at it as a "penalty" if you want...but a true prepayment penalty and a true mortgage recapture are two different things based on a different set of circumstances and calculated differently.

Linda
www.notarydepot.com/notary/lindah
http://www.notary.net/websites/LindaHubbell
Go to Top of Page

Dannotary

California
265 Posts
Posted - 01/14/2011 :  1:56:41 PM  Show Profile  Visit Dannotary's Homepage  Reply with Quote
I think you are talking about a different type of 'recapture' as it pertains to taxes. The kind I have seen in 'recapturing' i.e., paying the brokers fees if they refinance in the first 6 months, that sounds like a form of prepayment penalty.
Go to Top of Page

PWinFL

Florida
469 Posts
Posted - 01/13/2011 :  06:14:25 AM  Show Profile  Visit PWinFL's Homepage  Reply with Quote
No, recapture is not the same as a pre-payment penalty.

In particular, the IRS has a condition of recapture, depending on the sale of the property. The following is an excerpt from IRS Publication 523 for tax year 2010:
quote:
Recapture of 2008 first-time homebuyer credit. If you claimed the 2008 first-time homebuyer credit when you purchased your home, you may have to recapture all or a portion of the amount you claimed. The 2008 first-time homebuyer credit is intended to be repaid by the taxpayer over a period of 15 years, starting in 2010. If your home ceases to be your main home before the 15-year period has elapsed, you must include all remaining annual installments as additional tax on the tax return for that year. Your home ceases to be your main home if you sell the home, convert the home to business or rental property use, or the home is destroyed, condemned, or disposed under the threat of condemnation. In the event of a sale or other conversion you will need to file Form 5405, First-Time Homebuyer Credit and Repayment of the Credit, with your annual tax return.


I've also uploaded a document that I have that explains a mortgage recapture. You can view/download it at http://www.pawnotary.com/documents/Recapture.pdf

Never drive any faster than your guardian angel can fly.

I am not an attorney licensed to practice law in the State of Florida,
and I may not give legal advice or accept fees for legal advice.

Visit us online at http://www.PAWnotary.com
Go to Top of Page

Dannotary

California
265 Posts
Posted - 01/12/2011 :  10:57:07 PM  Show Profile  Visit Dannotary's Homepage  Reply with Quote
page in the docs. TIL and note agree that there is no pre payment penalty, but then theres a page that mitigates all that and talks about recapturing the fees during the first 6 months. Sounds like a pre-payment penalty to me. Sounds janky to me. Anyone seen this or know more about it?
  Previous Topic Topic Next Topic  
 New Topic  Reply to Topic
 Printer Friendly
Jump To:


Mobile Notary / Signing Agent Discussion Forum © 123notary.com Go To Top Of Page

Tips for using the forum
The most important feature on the forum is the search box. You can look up a particular word, phrase, name of a company, and see a potentially large list of search results with which you can obtain data. Filters are also valuable. If you want to find popular posts, you can use the number of views filter. You can also see whats new with the active topics link. Email us at info@123notary.com if you need any help using the notary forum.

Resources
The notary public resource page is valuable as it has links to all of the free information pages for notaries. Pages linked to the resource page include a page that teaches you everything you need to know to get the most out of your listing. Another page teaches you all the secrets of getting paid. There is a link to our free list of signing companies. There is also a glossary, learning tools, and much more. If you are a notary, the free tips we give are invaluable.

Popular pages
If you visit 123notary.com often, you might want to visit some of our most popular pages such as the California notary, Texas notary, Florida notary, and New York notary pages to browse the site. We also have valuable pages for notaries such as the free list of signing companies, and the resource page. Please also visit our get notarized and notarized letter page.