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arya310706 · Joined: 29 Jul 2009 Posts: 48 0.09 Dollars($)

I discovered a prepayment penalty clause on my mortgage agreement – what to do?

ashleyblanton · Posted: Wed Aug 05, 2009 10:42 am Post subject:

Unfortunetly there isn't anything you can do, unless you are willing to pay the prepay penalty fee. Are you planning on refinancing or selling your home?

livinginnky · Posted: Wed Aug 05, 2009 10:42 am Post subject:

Sorry but your not going to get a magic bullet. Unless prepayment penalties are illegal in your state... you will have to pay it.

Although if you are in financial hardship the lender may be willing to negotiate the penalty with you... not likely though.

Let me know if you have any more questions

gmakerley · Posted: Wed Aug 05, 2009 2:20 pm Post subject:

other than paying it, your only option is to keep that mortgage in place until such time as the penalty disappears - assuming that there is a lifespan to it (for example, 3-year or 5-year).

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Thats true.

But call your bank and see if they can work with you in modifying that clause

gmakerley · Posted: Thu Aug 06, 2009 6:50 am Post subject:

yeah....good luck!

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Anythign is possible in this economy and market!

eric1 · Posted: Fri Aug 07, 2009 5:56 am Post subject:

Some banks WILL waive the pre-pay penalty if you are selling your home AND you finance the new home with them.

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