I need advice on finding out who to contac on a prepayment issue, whom should i contac ?

I bought a commercial retail space in Febuary of this year to start a daycare center, but was unable to complete the process for lack of being able to secure funds.

now that I find myself facing foreclosure on the property , I would like to contest a huge 10% PREPAYMENT PENALTY.

I never recieved a good faith estimate before closing, only a condition to close statement with this prepayment on it, that was already outdated , when I brought this to the loan brokers attention that the statement contained the penalty , and was already outdated , I was urged to sign it anyway, and the situation would be straightened out.. it never was.

since I did not get a closing estimate either I forgot about the penalty until it resurfaced at the closing table.

the loan broker was not paid, and the finance lenders, threatened to sue me for her portion, but dropped the issue , I believe the prepayment to be preditory lending practice, is there someone that I can have review the matter ??

I would suggest digging out all of your loan documents (as much as you have from the time you started working with the broker through closing) and consulting with a real estate attorney to see what their opinion is. Though the laws vary from state to state, there are federal truth-in-lending requirements that all lenders must fulfill. Below are a couple of quickie links for you, one for the FDIC's Consumer Protection Act (also know as the "Truth-In-Lending Act") and the second shows a quick chart as to current state laws regarding common predatory lending practices.

I really hope this works out well for you. Good luck!

Didn't you sign a note before the close? That's where the pre-pay is stipulated. Go back and read it and if it's there, you are out of luck.

Call a real estate attorney. You might get a free consultation.
-MM