I am experiencing a financial hardship & want to sell my property because I can no longer sustain payments. My mortgages are still up to date with payments as of March'07. I want to sell the house but having to pay for prepayment penalties makes cough up more money which I dont have. How can I convince lender to waive my prepay?
2007-03-22 11:41:32 · 6 answers · asked by Adrienne 1 in Business & Finance ➔ Renting & Real Estate
in some cases prepayment penalties only apply if you are refinancing not seeling. Pull out your loan docs and read the prepayment penalty page word for word.
If it applies regardless, then there's a 99.99% chance they will not waive it.
Banks are whores, I hate 'em. Unfortunately you have to use them.
2007-03-22 15:10:37 · answer #1 · answered by Anonymous · 0⤊ 0⤋
A lot of times, mortgage companies will waive their prepayment penalties if you are experiencing financial hardships and are trying to sell your house. They do this because they want their money and not your house.
2007-03-26 09:40:39 · answer #2 · answered by Madhu R 1 · 0⤊ 0⤋
All you can do is ask. The odds are that they will decline. They want to draw full interest on the loan, that is the reason for the prepayment penalty. Your only other choice is to increase the price of the house further to cover for the prepayment penalty. That way you are covered. Good Luck.
2007-03-22 11:50:55 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Most likely the won't. However, before you sell your property you should try refinancing. A good mortgage company might be able to lower your monthly payment and tie the pre-payment penalty into a new loan. If you are interested in that as an option than send me an e-mail and I would be happy to help you. I'm currently a mortgage broker and I may be licensed in your state. Send me an e-mail and let me know which state your in. If I'm licensed in your state I would be happy to help you out.
2007-03-22 12:48:56 · answer #4 · answered by Amber J 2 · 0⤊ 0⤋
Just talk to the lender about the hardship your going though all so get a lawyer to help you I wish you all the best Good luck
2007-03-22 13:03:21 · answer #5 · answered by pattibcacl 6 · 0⤊ 0⤋
I would recommend contacting Scott Clare from http://scbuyshouses.com
He can buy your house and take care of the pre-payment penalty junk for ya.
2007-03-22 19:56:37 · answer #6 · answered by shanebuyshouses 1 · 0⤊ 0⤋