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Prepayment Penalty |
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Is there any way to convince a bank to release me from a prepayment penaly with 18 months remaining on the penalty period so that i can get a new loan with a lowere rate? |
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I don't know. It's likely that your loan has been sold and is owned by someone other than the company that's handling your payments now. That may complicate things. But these days, lenders are working with borrowers much more flexibly than they did in the past, trying to avoid expensive foreclosures. There's certainly no harm in trying. It may help if you propose re-financing with the same company. You might start with that request. |
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Edith
Originally published on December 10, 2007 |
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