Can You get out of paying prepayment penalties on a home refinance loan in Maryland??
146559
Maryland is not a prepay state.  However, if there was a prepayment penalty at the time of your signing then that will be honored.  Lenders offer borrowers prepayments in exchange for lowering their interest rates.
894710
The advantage of a negative am loan is that it keeps your payments low, and it sounds like you need low payments right now.  I think that your best course of action is to keep your current loan for the next two years until the prepayment penalty expires.  At that point, your wife will be working and you'll be in a position to handle a larger payment.  You will then be able to replace the negative am loan with a conventional loan that may have a higher payment but won't result in negative amortization.  In the meantime, you have 90K in equity so you're not in danger of running out of equity.  I think you may have made the right decision when you chose that negative am loan.\n\nThe only proviso to the above is this:  in the unlikely case that the rate on your negative am loan is very high, then you could to reduce your payments by refinancing.  But the current rate for a 30-year mortgage is around 6.4%, so your rate would have to be quite a bit higher than that to justify refinancing now.
751744
You could do it immediately as long as your current mortgagor allows it and you're willing to pay any fees, penalties, etc.  \n\nNow's the time to read the fine print on your mortgage if you haven't already, because that's where you'll find the correct answer, not here on Yahoo Answers.
450916
They should have told you when you refinanced what interest rate they were charging you.  It is legal to change the interest rate.  You should also have asked what rate they were charging.  You didn't read the contract carefully.
1112121
it depends on if the lender garnishing you is the actual bank or servicing company like sallie mae or is it the US Dept of Education that is garnishing?  that determines what you can do.  If its the bank the only way they will stop the garnishment usually is to pay in full.  Some servicing companies will work with you and help you get out of judgement default.  the dept of ed has an amnesty program right now that allows you to reconsolidate your loans and take yourself out of default and pay with a good credit status but they have an acceleration clause if you default again and that means that the balance in full will be due immediately if you fall into default after amnesty.  if you need help with reconsolidating you can contact me below.  i also have enclosed a link for defaulted subsidized student loans through the dept of education.
486181
Contact the institution you have your loan through, and let them know you are under hardship.\n\nThen start looking for another $20 job as fast as you can.\n\nDepending on how many years you have already paid into the loan you MAY beable to refinance it.  Call a local mortgage broker and see how they can help.  Consultation is free.\n\nSometimes our credit isn't as bad as we think it it, sometimes it is worse.  But there should be help.  A good mortgage broker or financial officer can help.
333148
Don't forget the tax man. He will charge 25% interest plus penalties. You can't imagine how quickly your obligation can triple or double at those rates.\n\nLike me, a lot of people who lose their business or get busted or whatever, and can't pay at tax time are in a unique situation. They know you can't pay, so why try to ssqueeze blood out of a rock?\n\nOffer them a contract called "Offer in Compromise," and offer to pay 10% of your obligation. They will send you a bunch of financial forms, but it's easy to show your outgoing is more than your incoming. \n\nIf they think they can get their money inside of five years, they may not take your offer. Think of creative ways to prolong your "mess."
183719
A pre-payment penalty really does not matter.  Nothing matters except for the fact that if there is enough equity in your home, then you can continue to refi.  Whether it is a smart idea financially, that should be the question.  This is not recommended, unless the cash you are recieving back from the refi is going into accounts which have interest rates that are going to give you a good enough return and heavily outweigh the interest in which you are paying to the bank.  Or, if you are going to invest the money into another peice of real estate.  Other than that, I would highly recommend against this practice.
779041
Refinance and pay off debt and get additional money from your equity.\n\nCall my motgage guy, Glenn Silvera compedative rates has done 3 loans for my family..  office 561 683 9168  or  \nCell 561 309 5539, he hates when I give that out hahahahahaaa\n\nAt the very least you should call him and laugh then hang up!!!!\n\nDo It!!! \n\nIm evil...
1150331
If you refinance, the place refinancing your loan will pay off that lender in full and free up that money for them to use for a higher rate loan somehwere else.  They are also trying to do you a favor.  You don't have to refinance if you don't want to, but with an adjustable, why not lock in a rate?
251638
Depends on your state and how much equity you have in the house-- some companies do Bankruptcy buy-outs-- chances are though-- if you filed bankruptcy, then you don't have the equity to do the refi-- or you would have used the $$$ to pull yourself out of debt.  Chances are you will need to wait a little while
722071
This isn't specific to Sallie Mae -- it's the result of Federal regulations.  The regulations for the refinancing of Federal student loans are very different from mortgage refinancing. Whereas you could refinance a mortgage as often as you want (well, sort of), reconsolidation isn't technically supposed to be possible for student loans. There a a few loopholes, though. The only way you might be able to "re-consolidate" would be:\n\n(1) if you borrow a *new* Federal student loan. If you have another loan that is unconsolidated, you can apply for a new consolidation loan that would combine this new loan with your old consolidation loan. However, this would only lower your rate a little bit since your new interest rate would be based on the weighted average of the rate for your new loan and the rate of your old loan. So, if you currently have a Federal Consolidation Loan of, say, $20,000 at 8% and you borrow a new $5,000 Stafford Loan at 4.7%, you'd have four times as much at 8% than you do at 4.7%, so your consolidated rate would become 7.375% -- not much lower, huh?\n\nThat said, you won't be able to obtain a new Federal student loan unless you are a student, so this may not even be a viable option for you.\n\n(2) if you "have been unable to obtain a Federal Consolidation Loan with income-sensitive repayment terms acceptable to [you]," you can obtain a Direct Consolidation Loan, which is the other type of student loan consolidation that the federal government offers. \n\nThis might be your best option. Check the Dept. of Ed's website to see if you are eligible: http://loanconsolidation.ed.gov/borrower/beligible.shtml . There's no credit check on these loans, so it can't hurt to try!\n\nThere are private companies out there that claim to be able to "reconsolidate" any federal consolidation loan. These companies are SO disreputable that I hesitate to even mention them. DON'T DO IT. They're in business only to make money off of you. Many of them don't even deal in Federal Consolidation Loans, so you could end up with a "reconsolidated" private loan with horrible terms and none of the benefits and security of the Federal student loan that you started with.
827769
You would be charged an over the limit fee every single month you were above 3K... I hope you can pay it off fast, otherwise you are going to pay alot of finance charges. I don't think they can "punish" you though... just charge you and maybe close your account to new purchases.
1084119
Try to make good on the loan that you defaulted on before make another loan.\n\n\nLC
904679
Yes, it happens all the time. I always insist the penalty period match the fixed rate period when originating mortgages. \nIt helps avoid costly payment increases while being trapped by a hefty prepay penalty.\nIn most cases, it makes financial sense to ride it out if at all possible. Think of it as a bigger tax deduction.
594405
You can always refinance.  If your current loan has a pre-payment penalty, that may apply however.
489200
The good of what your trying to do is consolidate debt which typically reduces your monthly cash outlay but may also include additional tax savings for you at the end of the year since you normally can write off mortgage interest but not interest on vehicle loans and credit cards.\n\nThe bad is you will be adding to the debt burden on your home and possibly extending the amount of time required to pay off that debt. \n\nYour 3 options really are refinance all of your debt into one new loan assuming that your equity in the property is high enough to allow this without adding mortgage insurance, take out a home equity loan (2nd mortgage) and pay off your debt with these funds or three open a home equity line of credit (2nd mortgage) and pay off the debts. \n\nDepending on what type of loan you currently have refinancing everything into one loan usually makes the most sense since you will have a much lower interest rate on a loan in first lien position than any type of second mortgage. However if your current loan has a really low fixed interest rate then it may be in your best interest to do either a home equity loan or a HELOC... Basically at the end of the day you need to look at all three options and figure which has the lowest monthly cash outlay and go with that... Your loan officer or mortgage professional should walk you through the numbers, present the products (good/bad of each), give you their opinion and then let you make your choice based on what is right for you.\n\nI am a loan officer so I slant towards using a broker versus a single specific lender or bank. I beleive in the broker transaction for a few simple reasons; we run your credit one time and then shop your loan to multiple lenders. If you do this every bank will want to run your credit which will most likely lower your FICO score. Secondly shopping your scenario takes time. We know who to call and what the lender is looking for to give us a good solid quote; not that you can not but I bet you have your own carreer to work on M-F... This is what we do for a living. Lastly we know which lenders programs are geared more towards your specific scenario. \n\nI would stay away from companies like lending tree etc unless you really read the fine print and are fine with them selling your 'lead' to every mortgage person under the sun who will then run your credit report prior to speaking to you thus lowering your scores. I have called on these leads before and have been told I was the 20th person to call that day! In reality find someone you are comfortible with and trust. Ask a family member or friend who they have used in the past and if they would either use that person/company again... \n\nIf you have any questions please feel free to contact me anytime at Kruorock@firstratelending.com or 866-562-6838 x 106.\n\nGood Luck!\n\nKevin