How do you get out of a mortgage prepayment penalty?
487244
You may need to talk to your lender who is carrying the note. They may refinance the loan into a no prepayment. Also if the loan has a soft prepayment you can sell the home.
192229
the easiest way to do that is to add in some cash and refinance as 1 mortgage.  Whoever gave you the 2nd loan did something that really didnt help you out at all.
770738
You can get out during DEP.  Simply request to be released from your contract.  Your recruiter might freak out, but that's life.
499566
There are a number of options depending upon your Mortgag company.  There are skip payments, interest only payments, etc... Consumer Credit Counseling (CCCS) cannot help you with lowering your house payment & any company that does not wish to accept CCCS terms will simply mark you delinquent.\n\nI recommend you call your mortgage company - talk to them, let them know your situation and see how they can help.  \n\nYou will be amazed how willing they are to work with you if you call when you are first entering a hard time!!
151490
Yes, sometimes you can.  You may have to take an interest only loan, and one with a high interest rate, and you will probably be given terms of a hugh pre-payment penalty.  Not all lenders look strickly at the numbers, some actually do look at the over all picture and past history before your circumstances forced you into bankrupsy.  Good Luck, and keep looking as there are some companies out there!
299517
Go to a Mortgage Lender...they service loans to poor credit, although if it is too bad, they may want you to clean it up a bit before loaning to you anyway.  A loan that takes into account poor credit is going to at least double if not more the percentage rate of your mortgage.  When you go to look for your loan, be sure to watch for all of the hidden costs (that goes for ANY mortgage)...never sign anything until you have seen a Good Faith Estimate which will disclose any and all fees that are associated with your mortgage!  If you don't understand it, find someone who will help explain it to you....don't let the lender that is "offering" you the loan do the explaining...they can try to make everything sound "okay" and you can get yourself into a mortgage that you can't get out of.  Be Careful!!!   and Good Luck!!!
101150
You should go to a mortgage broker. They help you find the best mortgage lender for your situation. \n\nThey don't cost any extra as they just get a cut of the money the mortgage lender makes. At least that is the idea, you still have to be a wise shopper.
610223
What I would do ? Search for some mortgage brokers web sites,  visit them, and contact those who looks the some agressive in their sales strategies. \n\nHope it helps,
823850
NO.....usually there is no fee for "prepayment" of a mortgage. Read your mortgage doc, it will be stated in plain language like....No prepayment penalty.\n\n\nMike\n\n================
124159
You can't.You may deduct the interest portion of the mortgage payment if you rent the house out.
1156964
Contact the bank where the mortgage is.
774764
Daizy, \nIt looks to me that what you're saying is this...\n... you refinanced your house and had been given a good faith estimate that at first looked ok to you.  Around closing time, the payment was much higher than you expected.  Probably the interest rate was higher than what the loan officer first calculated.  To get the payment to a point that would "satisfy" you at the closing table, the loan officer reduced the escrow account significantly - resulting in your current shortage.\n\nIf that's it, the words you're looking for are "PREDATORY LENDING".  Contact your state's agency that regulates lenders.  If you're in Texas, call 1-877-276-5550 to file a complaint.  The FBI is also getting after these people.  Call their local office. \n\nI'm proud of you for trying to find the solution to this problem.  Don't give up.\n\nRichard
499661
How much cash you can get out depends what the property is presently worth.  There's nothing to stop you from refinancing any mortgage even the day after you take the loan, but some loans have pre-payment penalties that make it ineffective to do so.  If the goal is just to get cash out and the value supports it, a 2nd mortgage or Home Equity Line of Credit avoids a pre-pay penalty and has less costs than a full-fledged refinance.
1028618
Pay what you owe and then don't go back.  That's the only way out.
177203
Don't do it. You will only get trapped and it takes years to get out of it. Trust me. I have a friend that falled for the easy bait and she is still trying to save herself for that one small loan two years ago.
888609
Before you pay off your mortgage, please double check the copies of the original documents. More than likely, your accountant did this, but just to be safe, I recommend double checking them. The reason I say this is because even though the prepayment penalty may be illegal, unrecognized, or whatnot, in your state, if you agreed to one on your Mortgage/Deed of Trust or your Note, you are liable for that prepayment fee. It isn't often that you see this, mostly lenders will do it if they think the loan is risky. But my opinion would be that if your accountant suggested paying this off, then it is in your best interest. You will lose the interest deduction on your taxes, but it's possible that you're at a point where it won't make that big of a difference to you financially. Though that is a question that you may consider running by your accountant. Good luck and congrats on being able to pay off your mortgage!
837165
Have you being paying the mortgage on time and can prove that you have been?  Then file those documents, otherwise Banruptcy may be your only solution.\n\nGood Luck