 Is it the responsibility of the landlord to provide a phoneline? |
| At the viewing the agent could not say whether or not there was a phoneline. I now find there isn't one. I need the internet at the property in order to do my job. It will cost substantially to ... |
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 100% mortgage??? |
| I earn enough money to paid a mortgage monthly but I have not got the money for a deposit and by bank will only lend me 4 times my salary which is not enough to buy a house. Can i get a mortgage for ... |
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 If a tenant moves out and leaves an unpaid phone bill, is it the landlord responsible for paying it? |
| there is a collection agency attempting to collect on an unpaid phone bill from a former tenant, am I responsible for paying it since I own the property? If I rent to another tenant, will the unpaid ... |
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 Somebody please help!!!? |
| I have just had my property valued at £110k. No problem with that, i hear you say. only, I purchased the property for £123k less than 10 months ago. I want to sell but now have 13k negative equity. ... |
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 If a roommate can't pay his side of the rent, are you responsible for it? |
| Like if they lose their job and they were paying their $700 a month and y ou've been paying your $700, do you have to pay FOR them, so suddenly you're paying $1400 a month? How does that ... |
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| Cash? Bank transfer? I'm asking because it would influence how I manage my finances, and it would be nice to know how the payment is usually done so that I could be on the lookout for unusual ... |
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| I live in Miami Beach, I applied to rent a place which took 200 dollar non refundable for credit and criminal background check, and the realtor took 1,450 as a deposit, he said if you don't get ... |
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 Can landlords stop you from moving out before the end of your tenancy? |
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| Will they enforce it, even if it falls on a weekend?? I live in Houston, texas, I should have went to the court session for the eviction but I didnt.... |
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| I've lived at my place for 8yrs as of May and Ive only bounced one check with them back in 02. But the story is I payed rent in March, then in April, but when I went to pay my taxes I saw that ... |
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 Can my landlord do this???? |
| We have been living in our home for 8mths. We have always paid our rent 2 to 3 days before it was due. We have only been late one time, and that was 2 months ago. We paid it on the 3rd of the ... |
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 Is it better to pay off debt or have more cash? |
| My sister-in-law is planning to apply for FHA loan soon. Is it better for her to pay more of her debts with the cash she has or save it in the bank? Her credit score is already low 700's. I was ... |
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 Does the landlord need to give 24hr notice before entering the property I rent? |
| my landlord and his partner keep just turning up- with potential tenants to show them my room, but they just use their key- dont knock or give notice, i thought it was 24hr they had to let you know, ... |
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 Should an estate agent represent both buyer and seller? |
| Having sold my property with a local estate agent I then find that the same agents solicitors are representing the buyer.What is the correct protocol concerning this as there is surely a conflict of ... |
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goldeneagle | How do I get out of a prepayment penalty on my mortgage? |
I have a mortgage with Countrywide and it has a 3 year prepayment penalty. I am in year 2 now and is there any way to get out of it? |
 |
 
hithere2ya
 |
Depends.
What is the penalty, a "percentage" of the balance? A flat fee? If a percentage, you can refi the note and pay off all but say $100.00. Then the penalty is nominal based upon the balance owed.
When you've paid in full the subject loan the second loan then becomes primary. If a flat fee prepay penalty is assessed, you have to weigh the cost to prepay against the advantage of a refi assuming refinancing is your intent. If you are selling you have no alternative than to pay the note in full as you must convey a clear title to the new owner, and that means no liens.
You can also threaten to never do business with them again if they enforce the penalty, there are plenty of other good lenders out there who will not impose a pre-pay penalty. However that usually carries little weight.
Conversely, you did agree to pay it...
Good luck! |
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sarah a
|
Are you staying with countywide? If you are they will waive it trust me they want to keep your business. but depends on you prepayment terms. Wait for 1 more year. |
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1001Questions
 |
it's difficult. |
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unclejesse1
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If it is a hard pre-pay no. If it is a soft pre-pay the only way out is to sell the home. Good luck. |
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UOPHXstudent
|
No not without paying the penalty. I am also wil Countrywide and asked the same question.
Countrywide will not waive the prepayment penalty at anytime.
On my 3 year ARM, the prepayment penalty is 6 months of interest. If I pay more than 20% of my loan I will also have the same penalty.
If you do not have your loan documents handy you can find them online at customers.countrywide.com
find your home loan and go to account information then loan documents. |
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I'm all yours
|
Yep. Pay as much as you can and leave some sort of balance. $100 or something. |
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comic1965
 |
"Dan" and "Vegasb2k" are probably the best answers to your question given the information your provided. The chances of you being able to get out of a Countrywide pre-payment penalty are extremely slim. I'm guessing you have a Payment Option ARM mortgage ... if this is the case, I tell my clients never to take more than a 1 year pre-payment penalty (PPP) on this product. Most Loan Officers push a 3 year PPP on clients because they receive more compensation for doing so ... but rarely is this in the client's best interest. |
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Scott
 |
you could try negotiating with them but probably you will have to just tough it out till your 3 years are up... |
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Reaper King
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nope. either wait or bite the bullet and take the hit when you pay off the mortgage. that or refinance and that may solve your problems. |
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theshadow01
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See if Countrywide will refinance the loan. They may waive the penalty and let you keep your 2 years (only have 28 to go). |
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vegasb2k
|
Paying the loan down to $100 doesn't help unless it is a HELOC type of loan. A normal loan with a Pre-payment Penalty (PPP) will penalize you anytime you pay more than 20% of the balance.
There are 2 types of PPP's. Soft and Hard. Check to see which type yours is. If it is a soft penalty you can sell the house an suffer no penalty. If it is hard, you will pay the penalty if you sell or refinance.
If you refinance with the same company, they will not waive the penalty. Some lenders did this in the past, but no longer do. Their reasoning is why give you a better rate when they have you locked at the current higher rate.
If you do end up paying the PPP, check with your Tax Advisor as this could be a "write-off" for you. |
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bostonianinmo
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Ask them if they will waive it. If not, then there's no way out of it aside from waiting until the mortgage is 3 years old before paying it off. You agreed to it, now you have to live with it. |
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jean
 |
pay off 90-95%, then make very small payments |
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Dan
 |
Unfortunately Countrywide will not waive the prepayment penalty at all. I have had clients that were willing to refinance with Countrywide and accept a new prepayment penalty and Countrywide was unwilling to waive it and we do alot of business with them. You either need to wait till year 3 or pay the prepayment penalty if you sell or refinance. If you have any other questions or need any help email me tadgeman@yahoo.com. |
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j.deezee
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Nope, stay in it for another year or, bite the bullet and pay it!! |
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sethsdadiam
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refinance with the same company. If they want new business on the books, they will waive the fee. |
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Michael W
|
If you just fell into a bid wad of cash, share some with me... just joking...
if you just fell into a big wad of cash, read the fine print and see if you can pay larger than the monthly amount with no penalty.. If so, pay off a large chunk and leave enough to pay it off after the time delay.
If you are wanting a refi, you are for all practical purposes SOL unless you can find some legal reason to get invalidated by a judge, such as a failure to disclose it to you.
You might get countrywide to waive it if you refi it with them. |
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Searchlight Crusade
|
There are four possible ways to get out of a prepayment penalty:
1) Don't accept it in the first place
2) Wait until it expires
3) Some lenders will roll it over to a new loan if you refinance with them. Some brokers know how to be more persuasive on this point.
4) Win a court case against the lender. I've worked with folks that had won a waiver of a prepayment penalty as part of a settlement with their previous lender. Unfortunately, this is usually a cure that's worse than the disease, even if you win. |
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Jonathan S
|
Unfortunately, once you sign the closing docs you're stuck with the prepay. Many times the prepay penalty goes down with each year, so the penalty in year 2 won't be as bad as in year 1. Either you can wait to refinance or pay the penalty.
What I would do, is wait until the month before your penalty expires and start looking for a refinance. Then, you can close the day after the penalty expires.
Oh, and Countrywide will send you lots of papers and fliers asking you to refinance with them directly when they get a payoff demand for your loan. They're notorious for it. |
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